Credit Info Sharing

Last Updated: 27/07/2001 10:00 AM

This information is a hoax/urban legend and should be ignored.

**High Priority**
Just wanted to let everyone know who hasn't already heard, the four major
credit bureaus in the US. 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 to know their social security number.

It is simply mangled facts presenting as scarelore.  The number given
in the forward is Experian's[1] "opt-out" hotline.  Allow me to quote from
a form letter I just recieved from Experian:

This letter is in response to your request that your name
and address be excluded from prescreened offer mailing lists
from Experian.  In accordance with the Fair Credit Reporting
Act, we have excluded your name and address from out lists
for a period of two years. As required by law, if you wish
to request that your name be ~permanently~ removed from
prescreened lists, you must complete the Notice of Election
that appears below and return it to us.

I recieved this letter in response to my request to them that they exclude
my name from mass-marketing lists often used by credit card companies.  I
never had to give my Social Security number, just my name and address.  It
is an opt-out program[2] provided for under the "Fair Credit Reporting Act
(as ammended)".  You can read more about the FCRA at:

http://www.ftc.gov/bcp/conline/edcams/fcra

Follow the links if you wish to read the entire Act.

Section 604 of the FCRA is the part that applies to Len's forward.  It
provides that consumers can restrict  "...any use of a consumer report
relating to the consumer in connection with any credit or insurance
transaction that is not initiated by the consumer."  The program
has two steps, a temporary two-year and a permanant opt-out, that's what
the "press 3" part above is about.

The sending personal information "to anyone who asks" part seems false.
The parts of the Act that I skimmed provide restrictions on distributing
reports to those with legitimate business need.


Lee "working on my signal to noise rating" Ayrton


[1] One of 3 major consumer credit reporting companies in the USofA.  They
share info, so a request to one is echoed to the others.

[2] Evil, evil stuff.  Marketing should always be on an opt-in basis.
If I want your damned product I'll beat a path to your door.