Dear customer: Thank you for banking with First Bank of Firstness. As a service to our valuable customers and a lucrative revenue stream for us, we are now offering your financial information -- including full access to your credit file! -- to service providers that have a marketing relationship with us. We are sure you will enjoy the product mailings and phone calls you will be receiving from them. As always, we thank you for choosing First Bank of Firstness for all of your banking needs.
Umm. Yeah.
If only all financial services companies -- like your insurance provider and hometown credit union -- were as upfront about sharing your personal information with their affiliates and even outside companies. With more and more people perusing your home address, Social Security number, and embarrassing middle name, it's no wonder credit fraud is on the rise.
Today, the U.S. House of Representatives is scheduled to discuss privacy legislation. Consumers Union, publisher of Consumer Reports, has mobilized to urge Congress to protect personal data to limit credit fraud.
The company even launched a website -- www.FinancialPrivacyNow.org -- to help consumers take their privacy concerns to the Hill. The site has a pre-written letter that you can sign, seal, and e-mail to your congressional representative urging him or her to strengthen the Fair Credit Reporting Act and uphold state efforts to protect consumers' financial privacy, fight financial fraud, and curb identity theft. You can use the standard text or edit to your heart's desire.
Think it's not your issue? Just imagine the damage one bad seed at any one of these companies can do.
Actually, you don't have to imagine. Here's one account of how a crook sold access to unsuspecting customer Joel Albert's 90-grand home equity line of credit. The price of Albert's privacy? Thirty bucks.
Head over to http://www.financialprivacynow.org/ and add your voice to those demanding that our private financial information be kept safe and sound.
