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Home > Consumer Focus Archive > Consumers in Control: A New Privacy Right
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Consumer Focus: Consumers in Control: A New Privacy Right
This is an archived document.

Posted: May 1, 2001

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Consumers in Control: A New Privacy Right

Be sure to watch your mail over the next few months. You will be receiving important messages from your bank or credit union, credit card issuers, and other financial institutions you've done business with over the years. In some cases, you may receive a notice from a company you no longer do business with or a company that you might not think of as a financial institution such as a travel agency. The companies are letting you know that you now have the right to decide whether they may or may not share or sell information they have about you to other companies not part of same organization. The Gramm-Leach-Bliley Act is a new law that requires financial institutions to tell their customers about the kinds of information they collect about their customers and the types of businesses that may be given the information. Banks, credit unions, insurance companies, and others are required to mail notices to consumers by July 1, 2001, and also are required to send a privacy notice once a year in the future. These notices may be part of your regular billing statement or come as a separate mailing.

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Other Resources

This is just a brief overview. If you don't mind getting unwanted solicitations, are you aware of your rights? Do you know the hours telemarketers are allowed to call you? Are you aware of common scams, or where and how to complain if you believe you've been the victim of a scam? For more information on your privacy rights, check out these resources from FCIC and on the World Wide Web:

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*If you click on these links, you are leaving FCIC's web site. Please bookmark us before you leave so you can return easily. FCIC is not responsible for the content of these web sites.

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For the first time, this Act allows consumers to decide just how much of their personal information can be shared between financial institutions. When you receive these notices, you will need to read them carefully because each notice may be different. Each notice will describe the kind of information your financial institution shares with other parts of the company and the information it shares with other institutions. However, the notices will not let you know exactly what information is shared or with what specific organizations. If you decide you want to opt out, you will need to notify the institution, using the instructions outlined in the notification.

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More Ways to Cut Down on Unwanted Solicitations

Some consumers don't mind information sharing because they want their names on mailing and phone lists so they can easily learn about new products and services. Other consumers want more privacy and to receive fewer solicitations. The Direct Marketing Association (DMA) offers Mail and Telephone Preference Services which allow you to reduce the amount of direct mail and telemarketing calls you receive from many national companies for five years. Be aware that registering will not stop mailings or calls from organizations not participating in the DMA's Mail and Telephone Preference Services. In addition, the DMA offers an E-Mail Preference Service to help you reduce unsolicited commercial e-mails. Your request will be effective for one year.

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If you're concerned about the number of credit card "pre-approved" offers you're receiving in the mail, the credit bureaus offer a toll-free number that allows you to opt-out of having pre-approved credit offers sent to you for two years. Call 1-888-5-OPTOUT (567-8688) for more information.

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For more information on other popular consumer issues check out FCIC's Consumer Focus Archive.

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