What type of information is shared A simple and concise description of the types of information that a bank intends to share among affiliates enables customers to make informed choices about whether to opt out of affiliate information sharing. Some banks provide additional disclosures to make their information sharing practices more transparent to their customers. In situations involving numerous affiliates, a generally stated description of the types of business they conduct is used instead. Other banks provide their customers with an expressly stated representative sample of the names or lines of business of their affiliates. Purpose for the sharing Notices may also contain basic information about the reasons why the bank shares personal data.
Some banks describe specific ways in which information sharing benefits their customers.
For example, certain banks explain that by knowing that a particular individual owns a home, the bank can direct that consumer to a home equity loan to finance a purchase because of the favorable tax consequences, rather than an unsecured installment loan. Other purposes for information sharing may be to reduce the customer's burden in having to provide duplicative information each time the customer applies for a new product or service from an affiliated company, or to identify customers for better pricing on products or services. Banks sometimes disclose these types of specific benefits in addition to more general disclosures that sharing customers' information enables a bank to design or improve products and services, such as new types of account or investment services. These types of disclosures also provide the bank a good opportunity to promote and distinguish its customer service. There are various ways that banks make FCRA notices clear and conspicuous to customers.