Consumers in Control: A New Privacy Right
Be sure to watch your mail over the next
few months. You will be receiving important messages from your bank or credit
union, credit card issuers, and other financial institutions you've done
business with over the years. In some cases, you may receive a notice from a
company you no longer do business with or a company that you might not think of
as a financial institution such as a travel agency. The companies are letting
you know that you
now have the right to decide whether they may or may not share or sell
information they have about you to other companies not part of same
organization. The Gramm-Leach-Bliley Act is a new law that requires financial
institutions to tell their customers about the kinds of information they
collect about their customers and the types of businesses that may be given the
information. Banks, credit unions, insurance companies, and others are required
to mail notices to consumers by July 1, 2001, and also are required to send a
privacy notice once a year in the future. These notices may be part of your
regular billing statement or come as a separate mailing. |
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Other
Resources
This is just a brief overview. If you
don't mind getting unwanted solicitations, are you aware of your rights?
Do you know the hours
telemarketers are allowed to call you? Are you aware of
common scams,
or where and how to complain if you believe you've been the victim
of a scam? For more information on your privacy rights, check out
these resources on the World Wide Web:
Publications Available:
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before you leave so you can return easily. We are not responsible for the
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For the first time, this Act allows
consumers to decide just how much of their personal information can be shared
between financial institutions. When you receive these notices, you will need
to read them carefully because each notice may be different. Each notice will
describe the kind of information your financial institution shares with other
parts of the company and the information it shares with other institutions.
However, the notices will not let you know exactly what information is shared
or with what specific organizations. If you decide you want to opt out, you
will need to notify the institution, using the instructions outlined in the
notification. |
More Ways to Cut Down
on Unwanted Solicitations
Some consumers don't mind information
sharing because they want their names on mailing and phone lists so they can
easily learn about new products and services. Other consumers want more privacy
and to receive fewer solicitations. The Direct Marketing Association (DMA)
offers Mail and
Telephone Preference Services which allow you to reduce the amount of
direct mail and telemarketing calls you receive from many national companies
for five years. Be aware that registering will not stop mailings or calls from
organizations not participating in the DMA's Mail and Telephone Preference
Services. In addition, the DMA offers an E-Mail Preference Service to help you
reduce unsolicited commercial e-mails. Your request will be effective for one
year. |
If you're concerned about the number of
credit card "pre-approved" offers you're receiving in the mail, the credit
bureaus offer a
toll-free number that allows you to opt-out of having pre-approved credit offers
sent to you for two years. Call 1-888-5-OPTOUT (567-8688) for more
information. |
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For more information on
other popular consumer issues check out our Consumer Focus
Archive. |
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