PERSONAL INFORMATION If protecting privacy is a concern, then don't throw away your rights

Companies may sell information such as income and Social Security numbers unless customers act on forms.
By DON SHILLING
VINDICATOR BUSINESS EDITOR
YOUNGSTOWN -- Stop throwing away those legal notices you've been getting in the mail, experts say. Your privacy depends on it.
Patty Wilson, 50, of Struthers said she wishes she had known sooner how important they were.
"I've thrown a bunch of them away," she said.
She learned recently that the notices can help her protect the privacy of her personal and financial records, so she's been saving the latest ones she's received. She plans to return them to the companies soon.
"I don't want them dispensing that information to anybody," she said.
Under a new law, that's the only way to stop companies from selling personal information to other companies. The law requires financial companies to send out the notices to customers by July 1.
Customers who don't return the forms give their implied consent for information to be sold.
The information that can be sold includes income, Social Security number, mortgage and other loans, child support payments, payment history, medical treatments and bankruptcies.
Disturbed: "That's bad. That's really bad," said Charles Rhodes, 38, of Youngstown. "If I wanted them to have it, I would've given it to them."
He recalls receiving just one privacy notice. He filled it out and returned it.
Not only is he bothered with a loss of privacy, but he hopes that restricting the availability of his personal information will reduce the number of calls he gets from telemarketers.
"Those phone calls irritate me," he said.
Karen Girts, 37, of Youngstown, said she has learned that she has to be careful about reading what may seem like junk mail. The privacy notices sometimes are sent separately, but they also can be tucked in with other information.
"The ones that are in with bills like advertising are easy to miss, so I've probably thrown a few away," said Girts, who also is collecting the notices and intends to fill them out.
Patricia Rose, president of the Better Business Bureau of Mahoning Valley, advises people to watch their mail carefully and think about what they want to do.
"You need to make an informed choice whether you are comfortable with these companies sharing, leasing or renting out your information," she said.
Required by law: The notices are required under a law called the Financial Services Modernization Act, which allows banks, credit card companies, insurance agencies and stock brokerages to combine. Such companies had to operate separately before, but backers of the law said consumers would benefit because there would be one-stop shopping, consolidated account statements and lower fees.
Before this law, there were few restrictions on companies selling personal information, says the Privacy Rights Clearinghouse, a nonprofit organization in San Diego. While the law does provide consumers with some protection, they have to request it.
The privacy group said consumer advocates tried, but failed, to convince Congress that personal information should be kept private unless a consumer gave permission for it to be shared.
The law applies only to information that can be sold to nonaffiliated companies. The notices can contain another option, however, under the Fair Credit Reporting Act, which allows customers to prohibit certain information about their credit being shared with affiliated companies.
The notices are to be sent out by every financial institution. Consumers are to receive a reasonable amount of time to respond, which is generally 30 days, Privacy Rights said. The organization operates a Web site with details on the notices at www.privacyrights.org.
shilling@vindy.com