e-MAIL
MISINFORMATION
As
you may know, there is an email containing misinformation circulating
the country concerning credit information and opt-out privileges.
The email states that as of July 1, the four major credit bureaus
including Equifax, Experian, Trans Union and Innovus will be able
to release your credit information -- mailing addresses, phone
numbers, and other information to anyone who requests it.
This
is totally false. Credit information is available ONLY
to legitimate businesses that have a permissible purpose for obtaining
it under the provisions of the federal Fair
Credit Reporting Act. Those purposes are financial transactions,
initiated by you, the consumer, for reasons of credit, insurance
or employment. There has been no change to this law.
A
recent law passed requiring financial institutions to give their
customers the opportunity to opt-out of information-sharing with
other financial institutions as of July 1. It appears as though
the email has confused this law with the opt-out information line.
The two functions are not the same. This opt-out information line
represents only the four credit bureaus mentioned, not the financial
institutions governed by the new law.
