Re: [prbytes] JULY 1 CREDIT INFO GOES OUT TO PUBLIC/opt out
> Your Credit: Personal Information goes publicThis is a hoax. See below from the Equifax site:
>Starting July 1st, 2003, the
> four major credit bureaus in the US (Equifax, etc.)
>will be allowed to
> release credit info, mailing addresses, phone
>numbers, etc., to ANYONE
> who requests it.
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.
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