Invasion of privacy act information? Maybe...

[BBA]

Ok...whats the site for hoaxes?

[Ziz]

www.urbanlegends.com

[BBA]

http://www.snopes2.com/inboxer/pending/credit.htm

The ability of credit bureaus to sell your personal information to other parties did not change as of July 1. What has happened is that due to the recent implementation of the Gramm-Leach-Bliley Act (also known as the Financial Services Modernization Act) the banking, insurance, and securities industries are now allowed to operate under the same corporate affiliation. (This act set aside legislation passed during the Depression era, which had created legal barriers that prevented mergers between banks, insurance companies, brokerage firms, and other financial institutions.) Because of consumers' concerns that new financial conglomerates could violate their privacy by sharing huge new databases of sensitive customer information with third parties, Congress added a provision to the act requiring that all financial service companies send privacy notices providing a "reasonable opportunity" to opt out of this information-sharing to all their customers by July 1. (These notices must also tell you the kinds of information the companies collect about you and how they use that information.)

Some key points of this "opt-out" process are:


As the term "opt out" implies, financial institutions can share your information with third parties by default -- you must specifically request that they not do so to stop it.

Privacy notices had to be sent to customers by July 1, but there is no deadline by which customers must respond. Your right to "opt out" of the information-sharing process is ongoing and may be invoked at any time.

Most importantly, you must contact every financial institution with which you do business to completely "opt out" of the information-sharing process. The phone number shown in the message quoted above is a shared number consumers can use to request that all four major U.S. credit bureaus (Equifax, Experian, Trans Union, and Novus) remove their information from the marketing lists and pre-approved credit offer lists sold to third parties, but it applies only to credit bureaus. Calling this number will not affect the ability of any banks, insurance companies, credit card companies, brokerage firms, or any other financial institutions with which you do (or have done) business from sharing your information.
Additional information:

[This message has been edited by BBA (edited 07-13-2001).]

[BBA]

I got this in e-mail today

Just wanted to let everyone know who hasn’t already heard, the four major credit bureaus in the US 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 to know their social security number.
Be sure to listen closely, the first opt out is only for two years, make sure you wait until they prompt you to press ‘3’ on your keypad to opt out for good.
I called and it worked as advertised.

Anyone know about this?

[socalgal]

BBA, I wouldn't do it.

I can't find a company doing a reverse lookup for toll free. And, I just called 411 and there's no info available on that number..

Sounds like a scam to get SSNs to me! I wouldn't EVEN call that number.

Your credit card companies will MAIL you a notice about their Privacy Policies and to opt out - or you can call your credit card company personally.

Regarding the credit bureau's, I thought there were only THREE, not four. I would contact them personally to find out the facts. They are Experion, Equifax, and Trans Union.

http://www.bankrate.com/brm/green/cc/crdt2e.asp


Edited, again.



[This message has been edited by socalgal (edited 07-13-2001).]

[Warthog]

Wouldn't trust it. Most likely a chain letter. Who was it from? Or should I say, how many email addresses were in the header?

Warthog

[BBA]

Ooops...just found out Experion is TRW...the name changed.


[This message has been edited by BBA (edited 07-13-2001).]

[BBA]

This is the fact: Prior to July 1, 2001:
Your financial corporations could legally sell your personal data and you had no recourse unless a state law intervened.

As of July 1, all you financial agencies are required to notify you of your right to "Opt-Out" of any sale of personal information. ( Opt-Out is the fedrally defined term as per the Gramm-Leach-Bliley Act ).

Financial corporations are now required to notify you of this opt out right yearly.

If you notify them that you wish to "Opt-Out"
They can only provide your personal information as needed to perform the specific funtcion they represent you in.

Ok, what I gather is the original messages is confusing the facts.

The phone number is valid, you should call it.

[sharder8]

Code of Federal Regulations, Title 29 protects your SSN period

No company can require you to give out your SSN without following the above LAW. The Act states that in order to require your SSN, the requestor must provide in writing Exactly:

• Why they need it.
• How they are going to use it.
• How they are going to safeguard and protect it.
• How long they are going to maintain your SSN in their data base.

Yes, they can withhold services if you refuse to provide it, but I have never had a problem with any any company when I've explained the Act to them. Most companies will setttle for just the last 4 digits of your SSN for identification purposes, or they will ask for your birth date, mothers maiden name, etc. (My mothers family escaped from Russia in the late 1800's and took the family name of the farm they settled on in Sweden, changing their name. I always give the original family name, since it is untraceable here in the U.S.)

You are responsible for protecting your identity!

The older SSN cards used to state right on them that it was not to be used for identification purposes. Now it only states

Improper use of this card and/or number by the number holder or any other person is punishable by fine, imprisonment or both.

(This is alluding to the Code of Federal Regulations, Title 29.)

Harder

Edit was to correct what covered the protection of your SSN.

[This message has been edited by sharder8 (edited 07-14-2001).]

[BBA]

The SSN has nothing to do with this new law...the new law actually closes loop holes that allowed privacy act info to be given out legally.

You better read it again.

BTW: The 1974 Privacy act goes well beyond SSN, but missed a few things.