Limiting what your
account holders can tell others
Before you throw away all those inserts that came with your last
bank statement, inspect them a little more carefully. You may be tossing out your
chance for privacy.
in America who has an account with a bank, credit union, savings and loan or a
mortgage company can expect to get a fistful of privacy notices once a year. Created
by the Gramm-Leach-Bliley Financial Modernization Act of 1999, these documents
are designed to help you limit the amount of your personal information those companies
can share or sell.
The rules aren't limited to financial institutions.
Any business that has your personal and credit information in their files, from
insurance companies to department stores to gasoline credit card issuers, are
required to let you know annually how they safeguard what they know about you.
If you've already tossed out a privacy notice (or two or three
or …), don't worry. You can still get off the mail marketing treadmill. Use the
form letter below and send it to each financial institution (or any creditor)
with which do business and tell them you want your privacy rights enforced. And
be on the look out for the your next chance to "opt-out."
the letter by entering your specifics in the areas in red.
You can print out this Web page and make your changes by hand or copy the body
of the letter and paste it into a document where you can make your changes on
City, State, ZIP Code
Dear Sir or Madam:
is written in accordance with the Financial Services Modernization Act and the
Fair Credit Reporting Act to "opt out" of the sharing of any of my personal information
in your files.
List the name on each
account held with that creditor. For example, if you have a checking account,
savings account and a mortgage with one bank, list each account number and your
name as shown on the accounts.
Please do not disclose
personally identifiable information to third-party companies or individuals that
are not affiliated with name of bank, financial institution
or other account holder.
I also ask that you do not
disclose my creditworthiness to any affiliate.
I ask that my transaction and experience information remain confidential. Please
do not send it to any company with which you are affiliated.
you for respecting my privacy and honoring the choices I have made in regard to
my financial information. I also would appreciate it if you would please send
me written confirmation that you have honored my privacy request.
Your Full Name
State and ZIP Code