Yet, banks and other financial firms shouldn't be allowed to make decisions about offering you new products without your affirmative consent. Unfortunately, we lost that fight. Instead, Congress merely required financial institutions to provide the detailed notices of information use and privacy policies you are receiving. Congress also provided us with the limited right to opt-out of sharing with nonaffiliated third parties. In our view, notice is not enough.
Credit bureaus sell banks lists of consumers who meet certain pre-screened credit criteria.
These lists result in 3.5 billion credit offers mailed out annually, or an average of 8 per household per month. Under a separate law, the Fair Credit Reporting Act, you have the right to opt-out of receiving these offers. You can see the state PIRG's latest testimony of information sharing and the new law by going to the web site of the House of Representatives. The state PIRG's Opt-Out Information Page can tell you more.