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Pre-approved Or Pre-selected?
The Fair Credit Reporting Act amendments, as of the end of September, now allow credit issuers to "post screen" individuals who are offered a credit card, even if the offer says "pre-approved". Consumer advocates say that under the new rule, the re-evaluation could result in a denial or turn-down of the offer, and that the ad is completely misleading.
One suggestion by that group was that the credit card companies change the words "pre-approved" to the more realistic "pre-selected".
Whichever way the offer is made, the small print, a/k/a the disclosure, must read that credit standards must be met in order to qualify for the card.
Copyright © 1997 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 7, No. 11, 9/97
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