|
Thursday, June 05, 2003
Bogus July 1 E-mail Exposed
The Truth on Your Credit File Privacy
by Peter Graham
An anonymous e-mail containing false and misleading information about the use of your personal information is showing up in e-mail in-boxes across the country, leaving many consumers concerned and confused.
Here's what the bogus e-mail says:
"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 numbe---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."
The E-mail's Origin
The "July 1 deadline" is actually from a couple of years back and relates to the Gramm-Leach-Bliley Act (GLB). The GLB set July 1, 2001 as the deadline for financial institutions to give you notice of their privacy policies and a way for you, the consumer, 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. Credit bureaus can release your credit information only to people with a legitimate business need, as recognized by the Federal 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. In addition to the uses described above, lenders and insurers may use information in your credit file as a basis for sending you unsolicited offers of credit or insurance. This is known as "prescreening." However, you have a right to opt out of these offers. The toll-free number; 1-888-567-8688, is the "opt-out" line for the major credit bureaus for "prescreened" offers only.
For More Information
To learn more about your privacy rights under the FCRA visit: www.ConsumerCreditRepair.com.
Peter Graham is a staff writer for Insider Reports®: The Right Advice @ The Right Time
Information and resources to help you do it yourself since 1987.
Full Author Profile -->
|
PRINT THIS
