Must Read -- New Banking Regulation

Discussion in 'Credit Talk' started by bbauer, May 8, 2001.

  1. bbauer

    bbauer Banned

  2. godaddyo

    godaddyo Well-Known Member

    Yeah, its funny how this works. I sent my credit card a certified letter telling them that i did not want my information verified. One week later I got an increase in my credit line of $1000. I am sure this is coinsidence but it was funny timing.
  3. godaddyo

    godaddyo Well-Known Member

    By the way when my credit card company sent me the disclosure statement telling that they would share this information with outside sources,I could barely read the lines that informed me of my rights to write them and tell them not to share my personal information.
  4. bbauer

    bbauer Banned

    There is big bucks in information sharing of this type. Information sales is probably one of the biggest factors fueling our economy today. Information of every type and sales of personal information by creditors and credit bureaus is in the countless trillions of dollars yearly on a world wide basis and it's growing by leaps and bounds every year. And much of it is relatively worthless compared to the sales volume that can be generated just by knowing the personal information your banker or credit card company can provide to others if you let them.

    So that's why they don't want you to find out what they are doing. They know you would not approve if you knew. So they make it to where you have to go after them actively to put a stop to it.

    The CRAs were recently sued over this very issue and lost to the tune of multi-millions of dollars.
    "Everybody" out there wants to know all about you and your business.
  5. godaddyo

    godaddyo Well-Known Member

    The fact that Aol, Time Warner and Lexus/Nexus are all sharing information should put a scare in everyone who is over 18, breaths and has a social security #.
  6. Erica

    Erica Well-Known Member

    So, if I want to 'opt-out' of the information sharing and didn't receive anything from my bank, do i just call them and request that they don't share my info?

    I received a notice from Key Bank, whom I never had an account with, and called to opt out of everything. I DO NOT want my information going to people I don't give consent to.

  7. bbauer

    bbauer Banned

    I would contact the bank or other institution in person or in writing if at all possible. Otherwise, call them.

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