Consumer complaint received 2017-07-01
Product: Credit reporting, credit repair services, or other personal consumer reports — Credit reporting
Issue: Incorrect information on your report — Old information reappears or never goes away
Company: EQUIFAX, INC. (NY)

Dear XXXX : Financial institutions must give their customers - and in some cases their consumers - a " clear and conspicuous '' written notice describing their privacy policies and practices. <P/>The Privacy Rule applies to businesses that are " significantly engaged '' in " financial activities '' as described in section 4 ( k ) of the Bank Holding Company Act. <P/><P/><P/>IV. DISCLOSURE OF ACCOUNT NUMBERS IS PROHIBITED The GLB Act prohibits financial institutions from sharing account numbers or similar access  numbers or codes for marketing purposes. This prohibition applies even when a consumer or customer has not opted-out of the disclosure of NPI concerning her account. The prohibition applies to disclosures of account numbers for an individual 's credit card account, deposit account, or " transaction account '' to any nonaffiliated third party to use in telemarketing, direct mail marketing, or other marketing through electronic mail to any consumer. A " transaction account '' is any account to which a third party may initiate a charge. This provision does not prohibit the sharing of an encrypted account number, if the third party receiving the information has no way to decode it. This prohibition applies to the complete marketing transaction, including posting a charge to an account. However, it does not apply when you disclose an account number to your agent or service provider just to market your own products or services, as long as the party receiving the information ca n't directly initiate charges to the account. The exceptions in sections 313.14 and 313.15 of the Privacy Rule do not apply to the disclosure of account numbers for marketing purposes. For example, you may not obtain your customer 's consent to disclose her account number for marketing purposes. <P/>XX/XX/XXXX - XXXX XXXX XXXX XXXX announced that it has entered into a memorandum of understanding with plaintiffs ' counsel in connection with putative class action lawsuits filed in the XXXX Court for the State of Delaware and the Superior Court of the State of Connecticut in connection with ( i ) the Company 's merger agreement with XXXX XXXX XXXX and the merger contemplated thereby ; ( ii ) the Company 's agreement with XXXX XXXX pursuant to which affiliates of XXXX XXXX will acquire from the Company certain securitized federal student loans and related assets ; and ( iii ) the Company 's agreement with XXXX, XXXX, pursuant to which XXXX will acquire from the Company certain federal and private student loans and other assets. Under the terms of the memorandum, XXXX XXXX XXXX XXXX, the other named defendants, and the plaintiffs have agreed to settle the lawsuits, subject to court approval. The Company and the other defendants have agreed to settle the putative class action lawsuits in order to avoid the burden and expense of continued litigation. Pursuant to the terms of the memorandum, subject to the effectiveness of the XXXX Merger and certain other customary conditions, including court approval of a final settlement agreement, in consideration for the full settlement and release of all defendants, the amount of {$2.00} cash per share will be distributed by XXXX to those persons who are the Company 's stockholders of record immediately prior to the effective time of the XXXX Merger ( excluding XXXX, XXXX and their affiliates ). <P/>According to the complaint the plaintiff alleges that XXXX XXXX XXXX majority owner XXXX XXXX 'XXXX proposed {$600.00} million sale of the XXXX XXXX XXXX to XXXX XXXX XXXX shortchanged minority shareholders by valuing shares at less than half XXXX 's book value. XXXX XXXX owns 80 percent of XXXX XXXX XXXX On Friday, XX/XX/XXXX, XXXX XXXX XXXX XXXX ( XXXX : XXXX ), announced that XXXX XXXX XXXX XXXX and XXXX XXXX XXXX have entered into an agreement for XXXX XXXX XXXX to acquire XXXX XXXX XXXX XXXX , and thereby become the owner of its private student loan business as well as {$4.00} billon of its private student loans. Under the terms of the agreement shareholders of XXXX XXXX XXXX will receive {$30.00} per XXXX share they hold. Separately and immediately prior to the transaction, XXXX XXXX will acquire from XXXX XXXX XXXX {$28.00} XXXX of securitized federal student loans and related assets and XXXX will acquire from XXXX XXXX XXXX certain federal and private student loans and other assets totaling {$8.00} billion. The transaction has been approved by the XXXX XXXX XXXX XXXX.