Confusing E-Mail Making Another Go-Round

Someone is sending around a misleading e-mail again that is confusing thousands of us. The message warns that as of July 2003, major credit bureaus will be allowed to release your credit information to anyone who asks for it. This is not correct, according to Beth Givens at the Privacy Rights Clearinghouse. However, the message is partially correct when it suggests you can call a toll free number, 888-567-8688, to opt out of having your credit information sold for marketing solicitations.

Two federal laws are being confused here. A 2001 law requires financial institutions to notify you of their privacy policies and offer you the chance to refuse to let them share your credit information with third parties. No toll free number exists for that. The other law does require credit bureaus to provide an opt-out opportunity to consumers who specifically don't want to receive pre-approved credit card offers. To add your name to that list, call 1 (888) 567-8688. The July deadline mentioned in the misleading e-mails does not apply.