Privacy and Confidentiality of Credit Card Purchases

State:
Multi-State
Control #:
US-00699BG
Format:
Word; 
Rich Text
Instant download

Description

Many Internet users are concerned with information given to make purchases over the Internet. A description of the means used to protect the financial information, such as encryption software, gives assurance that such transactions are safe.

The following form seeks to give such assurance.

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FAQ

Data covered by the GLBA includes non-public personal information or personally identifiable information, such as names, addresses, and phone numbers, bank and credit card account numbers, income and credit histories, and Social Security numbers of customers.

The notice must include a description of the type of info that the financial institution may disclose, and "reasonable means" to opt-out, such as opt-out forms or toll-free telephone numbers to representatives who will accept the opt-out information.

Under the Gramm-Leach-Bliley Act, a financial institution must provide its customers with a notice of its privacy policies and practices, and must not disclose nonpublic personal information about a consumer to nonaffiliated third parties unless the institution provides certain information to the consumer and the

Under the law, agencies enforce the Financial Privacy Rule, which governs how financial institutions can collect and disclose customers' personal financial information; the Safeguards Rule, which requires all financial institutions to maintain safeguards to protect customer information; and another provision designed

The CFPB will enforce over a dozen consumer financial protection laws, including the Fair Credit Reporting , Fair Debt Collection Practices Act, and Truth-in-Lending Act.

You must provide a clear and conspicuous notice to customers that accurately reflects your privacy policies and practices not less than annually during the continuation of the customer relationship. Annually means at least once in any period of 12 consecutive months during which that relationship exists.

Credit card issuers have access to a wealth of information about where you shop, how much you spend and how often. Increasingly, they use that data to change your access to credit.

Categories of information disclosed. For example, information from an application, such as name, address, and phone number; Social Security number; account information; and account balances. Categories of affiliates and nonaffiliated third parties to whom you disclose the information.

The notice must include a description of the type of info that the financial institution may disclose, and "reasonable means" to opt-out, such as opt-out forms or toll-free telephone numbers to representatives who will accept the opt-out information.

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Privacy and Confidentiality of Credit Card Purchases