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IP: FINAL -- The Federal Trade Commission on credit card notification.Why am I not feeling good re my information
From: David Farber <dave () farber net>
Date: Mon, 13 Aug 2001 04:34:36 -0400
Consumer Credit File Privacy: The Real Deal Here's a prime example of "Don't believe everything you read" - especially when it comes via e-mail from someone you don't know. Many consumers nationwide recently received the following e-mail: "Just wanted to let everyone know who hasn't already heard, the four major credit bureaus in the U.S. will be allowed, starting July 1, to release your credit info, mailing addresses, phone numbers... to anyone who requests it. If you would like to "opt out" of this release of info., you can call 1-888-567-8688. It only takes a couple of minutes to do, and you can take care of anyone else in the household while making only one call, you'll just need their social security number." The Federal Trade Commission wants you to know that this e-mail is full of half-truths and misinformation. Here's the story: · Credit bureaus can release your credit information only to people with a legitimate business need, as recognized by the Fair Credit Reporting Act (FCRA). For example, a company is allowed to get your report if you apply for credit, insurance, employment, or to rent an apartment. · Lenders and insurers may use information in your credit file as a basis for sending you unsolicited offers. This is known as "prescreening." The toll-free number - 1-888-567-8688 - is the "opt-out" line for the major credit bureaus for "prescreened" offers only. · The July 1 deadline relates to the Gramm-Leach-Bliley Act (GLB), which set July 1, 2001 as the deadline for financial institutions to give you notice of their privacy policies and a way for you to opt-out of some of their information-sharing practices. You may recall getting mailings or statement inserts recently from your financial institutions, creditors, insurance companies and brokerage firms about this. The July 1 date is not a deadline for consumers to do anything. In fact, consumers can contact their financial institutions anytime to opt-out under GLB. · The FTC strongly advises that you not give out personal information on the phone, through the mail or over the Internet unless you know who you're dealing with. Identity thieves may pose as representatives of banks, Internet service providers and even government agencies to get you to reveal your Social Security number, mother's maiden name, financial account numbers and other identifying information. Legitimate organizations with whom you do business have the information they need and will not ask you for it. For More Information For archives see: http://www.interesting-people.org/
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- IP: FINAL -- The Federal Trade Commission on credit card notification.Why am I not feeling good re my information David Farber (Aug 13)