You can prevent the sharing of your credit information by calling a toll free telephone number.

See an example here.

No and yes.

The email is a mixture of fact and fiction.

Some background: what prompted the email was the Financial Services Modernization Act, also known as the Gramm-Leach-Bliley Act, going into effect. The Financial Services Modernization Act went into effect on July 1, 2001, so it's not exactly today's news. The email does not specify the year so many assume it is current.

The Financial Services Modernization Act allows companies to operate multiple financial services - banking, insurance and stock brokerages for example - something they were not allowed to do before. Companies participating in diverse financial services also have the chance to accumulate information about a variety of financial activities of their customers. Worse, there were few safeguards on the use of private customer information, something of concern to privacy advocates.

The Financial Services Modernization Act does provide ways for the consumer to protect his privacy. Under the provisions of the legislation, financial institutions were required to notify customers what personal information it gathers, how it is used and what actions the consumer must take to prevent the sale of personal information. The deadline for this notification was July 1, 2001.

Stand by while we try to sort out the claims made in the email:

[T]he four major credit bureaus in the US will be allowed, starting July 1, to release your credit info, mailing addresses, phone numbers, etc., to anyone who requests it...

Not true. Credit reporting companies are not affected by the provisions of the Financial Services Modernization Act and were not required to comply with its reporting requirements.

Credit reporting companies are subject to other legislation, the Fair Credit Reporting Act, which regulates the use of private financial information. They are not allowed to give out credit information 'to anyone who requests it.'

Credit reporting companies can and do give out credit information to lenders and insurers who request it. Some lenders and insurers use the information to 'pre-screen' prospective customers and make unsolicited 'pre-approved' offers of credit cards, loans and other products based on the credit information.

If you would like to 'opt out' of this release of your info, you can call 1-888-567-8688.

True. One of the provisions of the Fair Credit Reporting Act provides consumers with an 'opt out' mechanism to prevent the release of their credit information to companies for unsolicited 'pre-screening.' This has been available to consumers since 1997. Four major credit information companies (Equifax, Experian, Trans Union and Innovus) support the toll free telephone opt out service.

But it's important to not the 'opt out' applies only to credit reporting companies and is unrelated to the 'opt out' sanctioned by the Financial Services Modernization Act. Opting out of one does not automatically apply to the other.

PASS THIS MESSAGE ON TO ALL IN YOUR ADDRESS BOOK AND YOUR PERSONAL FRIENDS

Given the confusion and misinformation in the email, the Urban Legend Zeitgeist doesn't recommend this even though is some grain of truth to it.

Giving out your Social Security number on the advice of a widely forwarded anonymous email is unwise.

Your Social Security number is one of the critical pieces of information for identity theft.

• Consumer Credit File Privacy: The Real Deal from the Federal Trade Commission
• Protecting Financial Privacy from the Privacy Rights Clearinghouse
• E-Mail Misinformation from Equifax
• SPECIAL INDUSTRY NOTICE: Credit Reporting Industry Again Warns Consumers About False E-Mail from Trans Union

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