|
Bogus July 1 Email Exposed: The Real
Deal on Your Credit File Privacy
Seems like every spring, an anonymous email containing false
and misleading information about the use of your personal information shows up
in in-boxes across the country, leaving many consumers concerned and confused.
It's no wonder: The email message mixes apples and oranges.
Here's what the email 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
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 here's the real deal from the Federal Trade Commission
(FTC), the agency that enforces the Fair Credit Reporting Act (FCRA).
- July 1, 2001 was the deadline, under the Gramm-Leach-Bliley Act (GLB), for
financial institutions to let you know about their privacy policies and how
you could opt out of some of their information-sharing practices (see
Privacy Choices for Your Personal Financial Information at
ftc.gov/credit).
You may recall getting mailings or statement inserts from your financial
institutions, creditors, insurance companies and brokerage firms about this.
But the July 1 date is not and never was a deadline for consumers to do
anything. In fact, consumers can contact their financial institutions anytime
to opt out of information sharing practices under GLB.
- Credit bureaus can release your credit information only to people with a
legitimate business need, as recognized by the FCRA. For example, a company is
allowed to get your report if you apply for credit, insurance, employment, or
to rent an apartment.
- United Kingdom citizens should
see this page.
- You also can review a copy of your credit report to make sure its
accurate. The FCRA requires each of the nationwide consumer reporting
companies Equifax, Experian, and TransUnion to provide you with a free
copy of your credit report, at your request, once every 12 months. To order
your free annual report from one or all national consumer reporting companies,
visit
www.annualcreditreport.com, call toll-free 877-322-8228, or complete the
Annual Credit Report Request Form and mail it to: Annual Credit Report
Request Service, P. O. Box 105281, Atlanta, GA 30348-5281. The form is at the
back of this brochure; or you can print it from
ftc.gov/credit.
Do not contact the three nationwide consumer reporting companies individually.
They provide free annual credit reports only through 877-322-8228,
www.annualcreditreport.com, and Annual Credit Report Request Service, P.
O. Box 105281, Atlanta, GA 30348-5281. For more information, see Your Access
to Free Credit Reports at
ftc.gov/credit.
- Lenders and insurers also may use information in your credit file as a
basis for sending you unsolicited offers of credit or insurance. This practice
is known as "prescreening." You can opt out of these offers by calling,
toll-free: 1-888-5-OPTOUT (1-888-567-8688) the same number in the email that
goes around every spring. The major credit bureaus use this number to let
consumers choose not to receive these "prescreened" or unsolicited credit
offers. When you call, you'll be asked to provide certain personal
information, including your home telephone number, name, Social Security
number, and date of birth. The information you provide is confidential and
will be used only to process your request to opt out.
For More Information
To learn more about your privacy rights under the FCRA and GLB, contact the FTC.
The FTC works for the consumer to prevent fraudulent,
deceptive and unfair business practices in the marketplace and to provide
information to help consumers spot, stop, and avoid them. To file a
complaint or to get
free
information on consumer issues, visit
www.ftc.gov or call
toll-free, 1-877-FTC-HELP (1-877-382-4357); TTY: 1-866-653-4261. The FTC enters
Internet, telemarketing, identity theft, and other fraud-related complaints into
Consumer Sentinel, a secure, online database available to hundreds of civil
and criminal law enforcement agencies in the U.S. and abroad.
Source:
The Federal Trade Commission
|
