Opt in or out refers to privacy issues with companies that you have accounts with such as credit card, insurance, banks, etc. When you choose to opt out you are asking that they not share any of your personal information with other companies that they have business arrangements with. The reasons they might share the information is for the other company to decide whether to extend you credit, or to sell you some related item or service. Another kind of opting out occurs when you request the CRAs not to share your personal information to other companies who might then get a "promotional inquiry" from your CR. All of the companies usually send you a "privacy notice" once a year which tells how to opt out by phone, mail, or on-line NOTE: BY default you are probably opted-in to all of this and only by specifically requesting that you be taken off their lists will it be done PROS: more offers for credit from different companies, chance to "bundle together" services from one company (i.e.: home & car insurance) CONS: more junk mail, junk phone calls, your personal info spread to more people
probably all 3 - depends on the company though I usually get an insert with my bank / cc statements titled "privacy policy" or something like that...it gives the phone number, or mailing address for CRA's call 1-888-5-OPTOUT
