Citing a marked increase in consumer complaints involving the receipt of unsolicited pre-approved credit cards, Financial Institutions Bureau Commissioner Patrick M. McQueen wants to let consumers know there is help available.

"A change in the federal Fair Credit Reporting Act allows a consumer to have his or her name removed from lists companies use to offer pre-approved credit cards." explained McQueen. The law goes into effect September 30, and requires credit bureaus to set up toll-free numbers for consumers to call to opt out of credit prescreening. By contacting the nation's three largest credit bureaus, an individual can ensure exclusion from the pre-approved offerings for as long as the present address is maintained. If the individual moves, a simple change of address notice to the company will continue the "opt out" election.

While noting that consumers who elect the "opt out" may continue to receive offers from marketing companies who do not use consumer credit data to compile their mailing lists, McQueen explained that the vast majority of offers come from lists supplied from one of the following credit reporting companies.

The Financial Institutions Bureau is the primary regulator of Michigan's state-chartered banks, credit unions, savings banks, and over 4,000 other licensed lenders.