Confusing E-Mail about Opt-Out Number Sends Wrong Message An unknown individual (or individuals) has broadcast an electronic mail message that has reached thousands of consumers, confusing them with information that is not entirely correct. The message explains, erroneously, that, as of July 1, 2001, "the…major credit bureaus in the US will be allowed…to release your credit info, mailing address, phone number…to anyone who requests it." This is not correct. The message explains, erroneously, that, as of July 1, 2001, "the…major credit bureaus in the US will be allowed…to release your credit info, mailing address, phone number…to anyone who requests it." This is not correct. The message goes on to explain that you can call a toll-free number, 888-567-8688, in order to opt-out of having your credit information sold. This is only partially correct. The drafter of this message confuses two separate federal laws. The Financial Services Modernization Act, also known as Gramm-Leach-Bliley (GLB), requires financial institutions to notify all customers by July 1, 2001, of their own privacy policies. If (a firm) sells customer data to a third party company, it must provide its customers the ability to say "no" to the data sharing - in other words, to "opt-out". There is no law requiring a toll-free number enabling individuals to do one-stop opt-out. The Fair Credit Reporting Act (FCRA), as amended in 1996, does, however, require that credit bureaus provide an opt-out opportunity for consumers who do not want their names and addresses sold to credit grantors for marketing solicitations. That toll-free number is (888) 5optout. This has been available to consumers for many years. It is not a scam. Consumers can call this federally mandated toll-free number to opt-out: (888)-5optout, which is (888)-567-8688 --the number that has been erroneously linked to the July 1, 2001 Gramm-Leach-Bliley opt-out notices. It is important to note that this toll-free number has a limited purpose - to simply enable consumers to opt-out of receiving pre-approved offers of credit. Nothing more. You can learn more about the credit bureaus and the law that governs how they use personal information at the Privacy Rights Clearinghouse web site, Fact Sheet No. 6, http://www.privacyrights.org/fs/fs6-crdt.htm. You can learn more about Gramm-Leach-Bliley financial privacy opt-out notices from PRC's Fact Sheet 24 series, http://www.privacyrights.org/financial.htm.   Website Designed by Data Design, Inc. All Rights Reserved. | Services | Education | Resources | Calendar | | Member Services | Employment | Links | | NACM Online | Hot Issues | Contact Us |