Opting out can help you avoid danger of identity theft
On the Money From the June 1, 2007 print edition Identity theft is a widespread and well-known problem. Eight years ago, Congress enacted the Identity Theft and Assumption Deterrence Act, which created the federal crime of identity theft. The law was targeted toward any “means of identification” of another person, not distinctively identifiable information. When it comes to financial information, there are even more protections available in the form of the Gramm-Leach-Bliley Act. The key to combating identity theft is to protect your privacy. However, some information must be exchanged in order to do business. The Gramm-Leach-Bliley Act applies to many types of financial institutions, banks, savings and loans, credit unions, insurance companies and securities firms. It even includes some retailers and automobile dealers that collect and share personal information about consumers to whom they extend or arrange credit. The act contains three major components. Financial institutions are required to disclose the kind of information they collect and the types of businesses to which they may provide that information. This is...
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