Should I prohibit unauthorized use of credit info?
Over the weekend I received yet another piece of junk mail, trying to sell us huge, crushing amounts of debt. It's from All State Home Mortgage and seems to be offering a 1.95% mortgage, which must be hooey because it's too good to be true.
Anyway, in the fine print at the bottom of the letter it says "We used information in a pre-qualifying report from a credit agency in connection with this firm offer of credit. You have the right to prohibit the use of this information contained in your credit file with any credit-reporting agency for all future credit transactions not initiated by you. You may exercise this right by notifing the credit reporting agencies that provide pre-qualifying reports for your request by calling blah blah blah...."
Basically, I'm reading this to mean that I could call the two 800 numbers listed and prevent companies from looking at my credit report without my permission. Sounds like a good idea to me.
Has anyone ever heard of this? Any downside to restricting this access?