The Fair Credit Reporting Act (FCRA) allows credit reporting companies to include your name and address on lists supplied to lenders. That is, they sell your personal information to credit card companies, mortgage refinance companies, insurance companies, and others. If your income is high or you have a good record of paying your bills on time, you're a desirable prospect.

They use your credit score and other background information to make what the industry calls firm offers of credit or insurance. These are also known as "preapproved" (although you can still be rejected if they later find something in your background that disqualifies you) or "prescreened."

The good news is that the FCRA also requires these credit reporting companies to remove your name from their lists if you ask.

The top four credit reporting companies are: Equifax Information Services LLC, Experian Information Solutions, Inc., Innovis Data Solutions, Inc, and TransUnion LLC. They formed a joint venture as the Consumer Credit Reporting Industry, to allow consumers to opt-out through one website.

The Consumer Credit Reporting Industry's official website is:

OptOutPrescreen.com

To opt-out of receiving these firm offers of credit or insurance, you just go to the above web site or call 1-888-5-OPT-OUT (1-888-567-8688). If you are hearing impaired, call 1-877-730-4105.

These are the only two ways you can opt-out of receiving firm offers of credit or insurance from these four credit reporting companies.

This electronic procedure is good for five years. If you wish to opt-out permanently, you must print out the electronic form on the web site, then sign it and mail it in.

If you opt-out now, but change your mind within five years and decide you wish to receive firm offers of credit or insurance, you can go back to the site and opt-in.

It takes about 5 days for your opt-out request to be processed. Plus, some companies may already have your name and address. Therefore, after you opt-out, you won't immediately see the offers in your mailbox stop coming.

Plus, opting out through the web site applies only to firm (preapproved/prescreened) offers of credit and insurance. It doesn't apply to any other mail order product. It will not take your name off lists maintained by members of the Direct Marketing Association. Or your local charity, churches, or companies you do business with.