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1992-12-25
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CREDIT CARDS AND YOUR PRIVACY
Credit Card Agreement
ALBANY, MAY 13 (AP) -- Under pressure from state
regulators, the American Express Company today agreed to
tell cardholders that it tracks their spending habits and
sells the data to other companies.
The agreement reached with New York Attorney General
Robert Abrams would let American Express customers refuse to
have their names sold to direct mail advertisers.
American Express sells lists of cardholders to
companies like Saks Fifth Avenue, Hertz Rent-a-Car and
Marriot Hotels. These companies come up with special
promotions that are geared to target audiences, Mr. Abrams
said.
"I think people ought to be aware that a credit card
issuer is slicing and dicing their monthly statements to
come up with that information." said Stephen Mindell, an
assistant attorney general.
A spokeswoman for American Express said the agreement
was a "reaffirmation" of the company's long-standing policy.
But Mr. Abrams said the company agreed to pay $10,000 to
cover costs of the state investigation.
The agreement does not force American Express to
change any of its marketing activities -- just the way it
tells customers about them.
The New York Times
May 14, 1992
This section is about how credit card companies use your
account activity to "profile" you. Consider for just a
moment, the amount of information you knowingly and
unknowingly give a credit card company. First, when you
apply for the card you give them your most intimate details,
right down to your shoe size (if you didn't, don't worry,
they'll get it later when you charge a pair of shoes! ).
Then, every time you charge a purchase, you tell them
something about yourself, where you shop, what you purchase,
how much you spend, etc. And they use that information for
profit.
In the reverse, some credit reporting agencies use your
credit profile information to formulate a consumer profile.
This profile may be used to market your name to credit card
companies, mailing list and mail order marketeers. This
profile generally reflects your credit worthiness and buying
habits, thereby helping retailers to target their marketing
efforts.
If you don't want your name and consumer profile passed
around, the solution is easy -- write a letter. Just write
your credit card company and tell them that you do not want
your name and profile given out for marketing purposes.
In order to stop a credit reporting agency from selling your
consumer profile, you only need to write one letter. Pick
one of the three major credit reporting agencies, either
TRW, EquiFax or TransUnion. Write one of them a letter
stating you don't want your name sold for marketing
purposes; they will in turn notify the other reporting
agencies of your wishes.
THE "BIG THREE" CREDIT REPORTING FIRMS
TRW
P.O. Box 749029
Dallas, TX 75374
(214) 235-1200
TransUnion
222 South First
Suite 201
Louisville, KY 40202
(404) 396-0052
For certified mail:
TransUnion
208 South Market Street
Wichita, KS 67201
Equifax
P.O. Box 740193
Atlanta, GA 30374-0193
(404) 250-4000
For certified mail:
Equifax
5501 Peachtree Road
Suite 600
Atlanta, GA 30358
* * End of CREDIT CARDS AND YOUR PRIVACY * *