My bank’s privacy notice says my “creditworthiness” information is shared with the bank’s affiliated companies unless I opt out. What does this mean?
The FCRA allows companies to share information with affiliates. For example, banks may have an affiliated brokerage firm, insurance company, or other company that operates under a common corporate umbrella. The FCRA allows sharing of two separate kinds of personal information. So called “experience and transaction” information encompasses account activity like deposits, withdrawals, debits, and credits. Also included in this category are specifics such as what you buy, where you buy it, and how much you pay. This is valuable information, particularly when a company wants to sell you every variety of its financial products. The FCRA does not allow you to stop this data flow. The FCRA does, however, give you the right to opt out when it comes to information about your “creditworthiness.” This includes information such as the amount and source of your income, your debt level, and your history of paying bills on time.
Related Questions
- What is First Americans Privacy Policy, and will my personal information be sold to outside companies that are not affiliated with the credit union?
- My bank’s privacy notice says my "creditworthiness" information is shared with the bank’s affiliated companies unless I opt out. What does this mean?
- My bank’s privacy notice says I can send a letter to opt-outopt out. What should I say in the letter?
