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Massachusetts Credit Card Privacy Laws and You (Part A)

Do you read all of your mail? Many of us don't, but tossing your mail may be a mistake when it comes to your personal financial information and Massachusetts credit card privacy laws.

Massachusetts Credit Card Privacy Laws

The United States passed the Gramm-Leach-Bliley Act, or the Financial Modernization Act of 1999, to strengthen laws protecting consumer privacy. The pertinent part of the Act is the Financial Privacy Rule.

Every year, the credit card companies you do business with are required to send you privacy notices. However, the ways the privacy notices are delivered may vary. For example, you may receive a notice with your monthly bill, as an Email or in a separate letter. If a company changes its privacy policies, it may let you know right away or it may let you know when it sends out its annual notice.

Information Contained in Privacy Notices

Credit card companies include the following information in privacy notices:

• The personal financial information the company collects and keeps about you
• How the institution prevents organizations that are not entitled to your personalfinancialinformation from accessing your data
• Which organizations receive your personal information from the credit card company
• What options, if any, you have to limit the scope of your personal financial information being shared

Limiting the Sharing of Personal Financial Information

Unfortunately, you can't completely stop your personal financial information from being shared between companies. While the government is concerned about protecting your consumer rights, it also wants to make sure that credit card companies can conduct normal business.

Credit card companies can release or use your personal financial information:

• When under court order to do so
• To credit bureaus
• To help promote the company's products
• To help promote products that are being offered in conjunction with another financial institution

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