For the third time in 12 months, the credit bureaus are warning about false and misleading e-mail messages that have been circulating.

The anonymous e-mail says that a new law allows credit bureaus to release credit information, mailing addresses, phone numbers, etc., to anyone requesting it, and you need to call 1-888-50PTOUT to prevent them from giving out your information.

Actually, the new law covers financial institutions like banks, insurance companies and brokerage firms, stating that these institutions can not provide a customer's "nonpublic personal information" to third parties without a consumer's consent. To comply with this law, lenders have been sending disclosure statements, informing you of the right to opt out of having your "nonpublic personal information" shared.

The "opt-out" phone number mentioned in the e-mail has nothing to do with the new law. Actually, it is for opting out of inclusion on mailing lists for pre-approved offers of credit generated by the major credit reporting agencies.

The thing that upsets the credit bureaus most, is that the e-mail letter implies they'll sell your private financial information to anyone. In fact, credit bureaus are forbidden from disclosing credit data to anyone other than for a "legitimate business need" and a "permissible purpose" according to the Fair Credit Reporting Act. There are just a few exceptions in the law. Most commonly, credit reports are provided only for making a determination on the extension of credit, employment, or rental housing.
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