A Very POWERFUL Credit Repair Tool…Opt–Out Provisions

All Consumers and customers have the right to opt out of – or say no to – having their information shared with certain third parties. The “privacy notice” must explain how – and offer a reasonable way – that you can do that. For example, providing a toll-free telephone number or a detachable form with a pre-printed address is a reasonable way for consumers or customers to opt out; Requiring someone to write a letter as the only way to opt out is not.

The “privacy notice” also must explain that consumers have a right to say no to the sharing of certain information – credit report or application information – with the financial institution’s affiliates. An affiliate is an entity that controls another company, is controlled by the company, or is under common control with the company. Consumers have this right under a different law, the Fair Credit Reporting Act.

An individual cannot opt out if:

* a financial institution shares information with outside companies that provide essential services like data processing or servicing accounts;
* the disclosure is legally required;
* a financial institution shares customer data with outside service providers that market the financial company’s products or services.

Personally, I would always opt-out of any company sharing my personal information. That way those pesky debt collectors & debt attorneys wouldn’t be allowed to legally report negative activity on me if I was to ever default on credit obligations with the original creditor!

Use this consumer right to your advantage.