"Information we may collect" OH MY

Discussion in 'Credit Talk' started by Maer, May 29, 2001.

  1. Maer

    Maer Well-Known Member

    I went out today and bought myself a Palm Organizer from a MAJOR electronics/office retailer. I got a slightly better deal if I bought the extended warranty. I figured what the heck. I knew I would have 30 days to cancel it. I sit here reading all the fine print and WHAT A LOAD OF CRAP!!!! Specifically under "INFORMATION WE MAY COLLECT" is downright scary. Mind you, this is a simple extended warranty on a $150.00 Palm Organizer. Here goes:

    ***** **** may collect nonpublic personal information about you from the following sources.

    *Information we receive from you (or is provided to us on your behalf) on applications and other forms, such as your name, address, telephone number, employer, and income.

    *Information about your transactions with the companies of ****** **** or other nonaffiliated parties, such as your name, address, telephone number, age, CREDIT CARD USAGE, insurance coverage, transaction history, claims history & premiums.

    *Information from CONSUMER REPORTING AGENCIES, public records and data collection agencies, such as your obligations with others and you CREDITWORTHINESS; and

    *Information from health care providers, such as doctors and hospitals to determine your past or present health condition. Health information will be collected as we deem appropriate to determine eligibility for coverage, to process claims, to prevent fraud, and as authorized by you, or as otherwise permitted or required by law.
    (emphasis added)

    OH MY GOSH!!!!! Can anybody believe this. So, if I have cancer does that mean they won't honor my warranty? As disgusting as that last paragraph is, I am actually more upset about them getting information from the CRA's. So if my Palm dies, they can run a credit report on me and say, "well you had a b/k 4 years ago so we believe this is fraud" or "you have too much credit card debt so we're not honoring our warranty".

    Obviously, first thing tomorrow I am marching back in that store and returning this warranty. I am going to state that it is specifically because of that section (although in all actuality the whole thing is crap).

    Has anybody ever heard of these companies actually getting and using this information against you?
     
  2. DaveLV

    DaveLV Well-Known Member

    It sounds like whoever underwrites the extended warranty on your Palm is also involved in other businesses that might collect and use the information they disclose. This company is being lazy and must not create a separate disclosure sheet for each aspect of their business. I think all companies that gather information about their customers is required by law to disclose what they collect by sometime in July. An extended warranty is a type of insurance, and the information they describe in their disclosure sounds like a blanket for the kind of information they gather on you for other types of insurance.

    Since it is absurd that all of that information would be gathered and used for purposes of an extended warranty, I don't think you have anything to worry about.

    I agree for the most part with this new disclosure law but I think it is bound to create more confusion than it may be worth.

    Keep the extended warranty on your Palm. I manage hundreds of these things for my company and have three of them at home. They are fragile and with frequent usage you stand a pretty good chance of needing to get yours serviced. The ribbon connection between the main board and the LCD display is particularly prone to damage. When this happens the device is practically useless.

    If you are still frightened by the disclosure statement and can afford to replace the unit when it gets damaged, that's another story.
     
  3. Maer

    Maer Well-Known Member

    Thanks for the info. That is quite interesting, I didn't realize there was such a law. I personally think it is a good thing.

    The warranty is fairly useless anyway. There is so much they don't cover. Also, I was specifically told if I drop it, the extended warranty would cover it. Of course, it states right in there that damage due to dropping is not covered.

    Also, I'm not about to give them any kind of authorization to go into my private and personal information such as credit reports & medical records. I understand it is just so they can sell the info and make money off me but it would be just my luck they would end up using it against me.
     

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