The Privacy Act defines personal information as information or an opinion that identifies or might identify an individual. Name, address, phone number, date of birth, medical data, bank account information, and opinions are some examples. Bank accounts contain information about a person's financial dealings with their bank, which in turn is information about that person. As such, bank account numbers are considered personal information.
Personal information is any data that may be used to identify an individual. Personal information includes full names, home addresses, phone numbers, birthdays, email addresses, and bank account information. Banks collect this data for many reasons, including to provide services or discounts to customers or new accounts-wire money orders or checks. In addition to banks, other companies that may ask people for their personal information include credit card companies, mortgage lenders, and retailers. People can give their permission for these companies to use their personal information by signing up for offers or promotions as they arrive in the mail or when making purchases. Or, they can just ignore those communications because it is not mandatory to do so.
Banks are required by law to keep confidential information about their customers such as social security numbers, financial information, and credit history. This means that a bank cannot release this information to anyone who does not need to know it to help the customer.
If you request your bank to send you your monthly statement by mail, it will contain your name, address, account number, and the amount due from your account. Your statement also contains other information about your banking business with that institution. For example, if you have an account at two different banks, you will receive statements from both banks. The only difference between these statements is the logo on the front page.
Your name, including any aliases or misspellings recorded by creditors, birth date, Social Security number, current and previous home locations, phone numbers, and current and previous jobs are all required. In addition, creditors need to know your address at time of application for your credit card or loan, as well as your address when you send in payment. Finally, they also need to know whether you have been declared insolvent by a court, since this affects how they report your debt to other companies.
All of this information is used by credit bureaus to create a credit report for each person. The three main credit bureaus are Equifax, Experian, and TransUnion. Each bureau has its own process for collecting information from creditors and using it to create reports. However, there are some items that will appear on all three reports.
Your name, age, and gender are required by law to be reported to all three bureaus. If you change your mind about being included in the credit file-sharing program, tell one of the bureaus you want out. They will remove you within seconds. However, once you are included, it can be difficult or impossible to get removed later.
Your credit score also appears on all three reports.
What do banks do with your personal information? The first category is individualised data, which identifies clients. The bank assesses our risk levels and decides whether to give us money based on our specific personal and financial information, such as credit ratings, income, and obligations. The second category is aggregated data, which comes from analyzing patterns in personal information that represent groups of people. For example, if my bank knows that most people who have lost their jobs also have stopped paying their bills, they will assume that I am likely to do the same if I lose my job. These assumptions are then used by the bank to decide how to group me with other likely-to-default customers so it can offer them better terms.
The third category is personalized data that the client has given permission for their employer or a third party vendor to provide. This category includes data from social media sites like Facebook and Google, which track what we like and don't like, who our friends are and what we buy. Such data is useful to advertisers because it allows them to target specific messages to different groups of people. It also helps employers make decisions about whom to hire and staff adjustments after incidents such as layoffs or hiring freezes.
Banks collect two types of individualized data: physical data and behavioral data. Physical data includes things like your address, phone number, and email address. Banks may use this information to send you offers for new products or services.
Personal information contained in taxpayer records is often collected, stored, utilized, or released for the purpose of enforcing taxes laws. Division 355 of Schedule 1 to the Taxation Administration Act of 1953 specifies the situations under which personal information included in taxation records may be recorded, utilized, or released. This division applies to all forms that require the disclosure of an individual's identity, such as W-4 forms and income tax returns.
Division 355 permits the collection, storage, utilization, and release of an individual's personal information for purposes of tax enforcement if the following conditions are satisfied:
The agency conducting the investigation has reason to believe that the individual liable for the tax is violating any provision of the Internal Revenue Code of 1986 relating to employment taxes or withholding requirements;
The agency conducting the investigation has reason to believe that the individual liable for the tax is not collecting the required amount of employment taxes or withholding requirements; or
The agency conducting the investigation has reason to believe that the individual liable for the tax is not complying with any requirement imposed by the agency regarding eligibility for benefits or payment of employment taxes or withholding requirements.
In addition, Division 355 permits the collection, storage, utilization, and release of an individual's personal information for purposes not related to tax enforcement including audits, investigations, collections, credit checks, and inquiries about a person's right to work in the United States.
Personal data regarding the individual running the account or contracting for telephone services, such as personal bank statements or itemised telephone bills, will be collected. This information is used by Blue Mountain Credit Management Ltd to follow up on your application and to ensure that you do not default on your loan repayments.
Your personal data may also be shared with third parties who work with us to provide services such as credit checking or billing disputes resolution services. These third parties are prohibited from using your personal data for their own purposes and they must keep your data secure and confidential. They may be required to delete your data if they are requested to do so by law or if Blue Mountain Credit Management Ltd stops providing them with data they need.
In addition to being responsible for collecting and maintaining personal data, we also use third-party service providers to perform functions including data storage, data analysis, research, marketing, and website hosting. We require these third parties to protect the confidentiality of your personal data and to use it only for the purposes for which it was provided. If any of these service providers is acquired by another company, the new owner will likely continue to use the service provider's existing technology and data resources.