We Need To Be WISE
Consumers!
Jamie H. Thompson, thompsonja@missouri.edu
In
August, several University Outreach & Extension Specialists received an
e-mail, which concerned us all. The
same e-mail also concerned the Federal Trade Commission—they issued an ALERT.
This information is so important that I have reprinted their ALERT
in this article.
FTC
Consumer Alert!
Consumer
Credit File Privacy: The Real Deal
Here's
a prime example of "Don't believe everything you read" - especially
when it comes via e-mail from someone you don't know.
Many
consumers nationwide recently received the following e-mail:
"Just
wanted to let everyone know who hasn't already heard, the four major credit
bureaus in the U.S. 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
their social security number."
The
Federal Trade Commission wants you to know that this e-mail is full of
half-truths and misinformation.
Here's
the story:
·
Credit bureaus can
release your credit information only to people with a legitimate business
need, as recognized by the Fair Credit Reporting Act (FCRA). For example, a
company is allowed to get your report if you apply for credit, insurance,
employment, or to rent an apartment.
·
Lenders and insurers
may use information in your credit file as a basis for sending you unsolicited
offers. This is known as "prescreening." The toll-free number -
1-888-567-8688 - is the "opt-out" line for the major credit bureaus
for "prescreened" offers only.
·
The July 1 deadline
relates to the Gramm-Leach-Bliley Act (GLB), which set July 1, 2001 as the
deadline for financial institutions to give you notice of their privacy
policies and a way for you to opt-out of some of their information-sharing
practices. You may recall getting mailings or statement inserts recently from
your financial institutions, creditors, insurance companies and brokerage
firms about this. The July 1 date is not a deadline for consumers to do
anything. In fact, consumers can contact their financial institutions anytime
to opt-out under GLB.
- The FTC strongly advises
that you not give out personal information on the phone, through the mail
or over the Internet unless you know who you're dealing with.
Identity thieves may pose as representatives of banks, Internet service
providers and even government agencies to get you to reveal your Social
Security number, mother's maiden name, financial account numbers and other
identifying information. Legitimate organizations with whom you do
business have the information they need and will not ask you for it.
The
Federal Trade Commission (FTC) works for the consumer to prevent fraudulent,
deceptive, and unfair business practices in the marketplace.
The FTC also provides information to help consumers spot, stop, and
avoid them. Please check their
web page. http:/www.ftc.gov
The FTC web page is an excellent resource for all consumers.
If
anyone receives questionable information check it out first!
We need to be WISE
consumers!
October
2001