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Heard a lot about privacy lately? Basically, here is the scoop: |
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If any financial institution wishes to share your
non-personal information with other companies or their own affiliates,
they must tell you that in writing and you must be given the right to
opt-out of it. That means you tell them you don't want your information
shared with anyone. In order to opt-out, you will need to either call or
write the institution based on their individual policy.
If you don't opt-out, the institution will be able
to share your information with just about anyone. That means they can sell
your name and other information to marketing firms, banks, credit card or
mortgage companies, and tons of
There are some things you cannot opt-out of, such as an institution reporting information to credit bureaus or the sharing of transaction and experience information between affiliates. Compared to everything else these companies know about you, that is just a drop in the bucket. Remember though that the offers in the mail for
merchandise, credit cards, pre-approved car loans and the like
Once you are on the road to good credit, you may then want to stop the mail and solicitations. You don't want to overload yourself with credit and put yourself in a position of not being able to pay your bills. ©AllAboutCreditRepair.com 2001-2005 The above Consumer Credit Information is provided by the Federal Trade Commission, Washington D.C. |
other
areas we won't even begin to think of. Everyone wants our money and we are
already inundated with a variety of junk mail. If you want it to stop,
then follow the steps contained within the various notices you receive or
take action as outlined in
should
decline if you opt-out. So, if you have credit problems, have a previous
bankruptcy, divorce, or medical bill problems, you might be cutting your
nose off to spite your face if you opt-out. Under these circumstances, it
is better to receive the offers and tear them up if you don't want them,
than to completely discontinue receiving them.