e-mail from my Dad:
For anyone who hasn't yet heard, starting July 1, 2002, the 4 major credit reporting agencies in the US (Equifax, Experian, Innovis and TransUnion) will be allowed to release your credit info, mailing address, phone numbers et cetera to anyone who requests it for any reason.
If you don't want your info released, call 1-888-567-8688, the "Opt Out" phone number. It only takes a couple of minutes to do using an automated voice program. You can take care of one other individual during the same call if you have their social security number.
Be sure to listen carefully to the recording, the first "opt out" selection is only good for two years, wait until the prompt to press 3 on your keypad and this will "opt out" your info forever!
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Comments: Not so fast! You may indeed want to dial that number, but first be aware that this little email tells a great big lie, namely that credit bureaus have all of a sudden been granted the right to share your personal information with any outside party they choose. Not so. They have always been able to do that.
What is new since the Financial Services Modernization Act went into effect on July 1, 2001 is that U.S. consumers now have the explicit right to opt out of such information sharing by financial institutions with "unaffiliated firms" such as telemarketing companies. I.e., as of July 1, your privacy rights have ever-so-slightly increased, not decreased.
The phone number given in the email is a valid one and has actually been available to consumers for several years. You can safely dial it to make an opt-out request based on your social security number (which will be requested) ? but note that such a phone request only applies to the four major U.S. credit bureaus. If you also want to stop your bank, credit card companies, insurance companies, et al from releasing such information, you must contact each one individually. (Alternatively, you can contact the Direct Marketing Association to remove your name at the source.)
PIRG
Privacyrights.org
FTC
For anyone who hasn't yet heard, starting July 1, 2002, the 4 major credit reporting agencies in the US (Equifax, Experian, Innovis and TransUnion) will be allowed to release your credit info, mailing address, phone numbers et cetera to anyone who requests it for any reason.
If you don't want your info released, call 1-888-567-8688, the "Opt Out" phone number. It only takes a couple of minutes to do using an automated voice program. You can take care of one other individual during the same call if you have their social security number.
Be sure to listen carefully to the recording, the first "opt out" selection is only good for two years, wait until the prompt to press 3 on your keypad and this will "opt out" your info forever!
----------------------------------------------------------------------------
Comments: Not so fast! You may indeed want to dial that number, but first be aware that this little email tells a great big lie, namely that credit bureaus have all of a sudden been granted the right to share your personal information with any outside party they choose. Not so. They have always been able to do that.
What is new since the Financial Services Modernization Act went into effect on July 1, 2001 is that U.S. consumers now have the explicit right to opt out of such information sharing by financial institutions with "unaffiliated firms" such as telemarketing companies. I.e., as of July 1, your privacy rights have ever-so-slightly increased, not decreased.
The phone number given in the email is a valid one and has actually been available to consumers for several years. You can safely dial it to make an opt-out request based on your social security number (which will be requested) ? but note that such a phone request only applies to the four major U.S. credit bureaus. If you also want to stop your bank, credit card companies, insurance companies, et al from releasing such information, you must contact each one individually. (Alternatively, you can contact the Direct Marketing Association to remove your name at the source.)
PIRG
Privacyrights.org
FTC
. However, my wife still gets a ton of offers from Chase even though she already has one of their cards.
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