Credit Bureaus to Release Private Info
Netlore Archive: Email rumor claims that as of July 1, U.S. credit bureaus will be allowed to release your private information unless you make a phone request to opt out
Description: Email rumor
Circulating since: June 2001
Status: Partly true, misleading
Analysis: See below
Email example contributed by W. Ellis, 9 July 2001:
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Read below - Important. Check this out. 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. Happy dialing! |
Email example contributed by Smokey, 22 July 2002:
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FYI - CREDIT INFO DISCLOSURE...... Take a minute to do this! I just did so, and it takes 2 minutes to protect yourself. Subject: FYI - CREDIT INFO DISCLOSURE...... STARTING JULY 1, 2002, THE FOUR MAJOR CREDIT BUREAUS IN THE US (EQUIFAX, ETC.) WILL BE ALLOWED TO RELEASE CREDIT INFO, MAILING ADDRESS, PHONE NUMBERS, ETC. TO ANYONE WHO REQUESTS IT. IF YOU DO NOT WANT TO BE INCLUDED IN THIS RELEASE OF YOUR PERSONAL INFORMATION, YOU CAN CALL 1-888-567-8688. ONCE THE MESSAGE STARTS YOU WILL WANT OPTION #2 (EVEN THOUGH OPTION #1 REFERS TO THIS EMAIL. PUSH #2 THEN OPTION #3. BE SURE TO LISTEN CLOSELY, THE FIRST OPTION IS ONLY FOR A TWO YEAR PERIOD. MAKE SURE YOU WAIT UNTIL THEY PROMPT FOR THE THIRD OPTION, WHICH OPTS YOU OUT FOREVER. |
Email example contributed by E. Hodge, 11 March 2003:
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Subject: Your Credit : Personal Information goes public Starting July 1st, 2003, the four major credit bureaus in the US (Equifax,etc) will be allowed to release credit info, mailing addresses, phone numbers, etc., to ANYONE who requests it. If you do not want to be included in this release of your personal information, you can call 1-888-567-8688. Once the message starts you will want option #2 (even though option #1 refers to this email, push #2) and then option #3. Be sure to listen closely, the first option is only for a two-year period. Make sure you wait until they prompt for the third option, which opts you out FOREVER. You should receive their paperwork in the mail confirming the "opting out" in less than one week after making the call. PASS THIS MESSAGE ON TO ALL IN YOUR ADDRESS BOOK, FRIENDS AND FAMILY. |
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 suddently been granted the right to share your personal information. Not so. Within certain legal limits, they have always had that right. There is no new law on the books allowing them to share credit information with "anyone who requests it."
What has changed since the Financial Services Modernization Act went into effect on July 1, 2001 is that U.S. financial institutions must now inform consumers of their information-sharing policies so individuals can opt out, if they choose, where applicable. I.e., as of July 1, 2001 your privacy rights have ever-so-slightly increased, not decreased.
Opting out
The phone number given in the email, which has been actually available to consumers for several years, is a valid one for removing your name from certain credit-based mailing and telemarketing lists. You can safely dial it to make an opt-out request based on your social security number (which will be requested) -- but please note that such a request will only cover information obtained from the four major U.S. credit bureaus. If you want to limit marketing offers based on information shared by banks, credit card companies, insurance companies and other financial institutions, you must contact each individually to request it. (Alternatively, contact the Direct Marketing Association to opt out at the source, or, as of June 2003, add your name to the federal government's new telemarketing "Do Not Call List.")
Sources and further reading:
FTC Consumer Alert: Bogus July 1 Email Revealed
Federal Trade Commission, May 2003Financial Privacy: How to Read Your 'Opt Out' Notices
Privacy Rights Clearinghouse, June 2001Opt Out Now!
Newsweek, 2 July 2001Protecting Financial Privacy
Privacy Rights Clearinghouse, June 2001Reduce the Hail of Unwanted Mail
Minnesota Office of Environmental Assistance, 22 April 2001
Last updated: 06/28/03
