Question:
A friend sent me an email that said the four major credit bureaus in the U.S. will be allowed to release your credit information, mailing address, and phone number to anyone who requests it after July 1. Is this true? I also heard if you would like to "opt out" of this release of information, you can call a phone number and enter your Social Security number.
Answer:
The answer to your question is mixed. Some information you mention is correct and some is not.
By law, the nation's three credit bureaus can't simply give credit information to anyone who asks. The Fair Credit Reporting Act limits access to your credit file to parties such as creditors, insurers, employers, landlords or other businesses. Additionally, you must give your written consent before a credit bureau will release your credit history to an employer.
What the bureaus can do is sell basic information to companies, such as your name and address, for direct marketing purposes. You may remove your name from such lists and, in effect, opt-out of credit-related direct marketing calls and mail for two years by calling: 1-888-5-OPTOUT (1-888-567-8688). To opt-out for a longer period of time, you have to request a form and mail it in. But remember, when you opt-out you will also find that offers for credit cards with low interest rates will stop arriving in your mailbox.
The July 1 date refers to a deadline given to financial companies to send you a notice explaining how they use your personal information. These notices began arriving in consumers' mailboxes in June and have now trailed off. However, they will arrive again around the same time next year and each year thereafter. The new law that required the notices also states that you may request at any time that a financial company refrain from sharing your personal information with other companies.
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