My parents just got caller ID about two days before I came home for break. At the same time, they had the phone company make it so people who have their numbers blocked from displaying on caller ID can't get through (they hear a recording saying that they haveto dial *37 (I think) plus our phone number to get through).
I haven't been woken up yet by a telemarketer. Usually we get one around 9:30a every day of the week. None so far

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AFAIK, the block keeping caller ID hiders from calling us is free. We pay like $4/mo for caller id service