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Dear Consumer Ed:
• Social Security number and income
• Account balances and payment history
• Credit history and credit scores
They said you could phone and limit sharing – which I did immediately – but it may take up to 30 days from the date the notice was sent. My question is this: Do the department store/retail bank have the right to share my Social Security number with other people? This seems like a huge security risk and invasion of my privacy.
Consumer Ed says:
• provided you initial notice;
• sent you an opt-out notice;
• given you a reasonable opportunity, before it disclosed the information to the nonaffiliated third party, to opt out of the disclosure; and
• you do not opt out.
Additionally, any entity (whether it is a financial institution or not) that receives your personal information from the bank may be restricted in its reuse and re-disclosure of your personal information.
Based on your question, it sounds like you’re also concerned about the security risks involved with the sharing of personal information. You should know that the FTC has established a regulation requiring financial institutions to “develop, implement, and maintain a comprehensive information security program” in order to “insure the security and confidentiality of customer information.” You can learn more by visiting the FTC’s webpage about the Gramm-Leach-Bliley Act at www.ftc.gov/privacy/glbact/glboutline.htm. If you have any additional concerns and need legal advice, you should consult a lawyer... more>
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