Info about your credit history - FYI

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. Be sure to listen closely, the first opt out is only for two years, make sure you wait until they prompt you to press '3' on your keypad to opt out for good.

Pre-screening opt-out: The bill codifies a weak band agency interpretation of the FTC's long held view that bureaus can generate "pre-screened" lists of consumer credit reports of consumer who meet certain criteria to receive "firm offer of credit." The bill broadens the information that can be obtained for pre-screening and weakens the definition of "firm" offer of credit to the point that it is virtually meaningless. As a quid pro quo for these privacy invasion, the bill requires that bureaus establish a joint toll-free system for consumers to opt- out of receiving such offers. Theses brightly colored envelopes ("Because of your excellent credit you have been selected") have been implicated in theft of identity scams. Users of pre-screened lists must notify consumers of the opt-out system. The bill expands pre-screening to include insurance, as well as credit, uses.

Guess I'll just hold such posts in the future. Again, my apologies to any that I upset.

Thanks for the info, Jeff

Don

No, the credit reporting bureaux will not be able to sell your credit data to "anyone" - they are limited in whom they can release this to and this will not change.

The process described allows you to opt-out of sharing your credit information with financial institutions which are associated with the credit bureaux, now or in the future, as permitted under the Gramm-whatever financial services law of a couple years back. You'll have been seeing similar opt-out notices from all the other financial concerns you do business with over the last few months.

The phone number is legitimate and it does connect you to a joint operation set up by all four major credit bureaux to allow you to opt-out with all four at once.

There is no danger in giving any one of the major credit-reporting agencies your SSN - they have it already, if they have you on file, and indeed, that's the only semi-reliable way they have to identify you.

Go to www.snopes.com and search on "credit" or "opt-out" to get the whole story.

llater,

llamas

• FTC link

would it?