Money Basics Tips

Breaking down privacy notices

February 11, 2020

How often have you read the privacy notices you receive from your bank or credit card? Most consumer websites also have privacy notices or statements listed on their sites. So do apps. With all that information, it’s easy to get confused about what privacy notices mean and how to read them.

What is a privacy notice?

Let’s start with the basics. A privacy notice is a statement or legal document that explains the type of personal information a website or company collects from their customer’s data. Personal information can include things like your name, email, address or date of birth.

What does a privacy notice cover?

Here’s a quick breakdown of what a privacy notice or statement generally covers:

  • Types of information collected
  • Who your information is shared with
  • Security of your information
  • How your data is used for everyday business, marketing and with affiliates

What do I look for in a privacy notice?

Start by looking for the type of information that is collected about you. Read the notice to find out how your information is shared or used. If you disagree with the practices, how can you opt-out? Security measures, such as how your personal information is protected, are important to understand.

What’s next?

Understanding the privacy notices of sites, apps and businesses gives you the information to control and protect your personal information. You may choose different apps or websites based on what you find. Consider it a red flag if you don’t see a privacy notice and consider doing business elsewhere. The bottom line is that you want to understand what kind of data you’re giving and how well protected that data is.

This information is presented for educational purposes only. It is not intended as, nor should it be construed to be, legal, financial or other professional advice. Please consult with your attorney or financial advisor to discuss any legal or financial issues involved with credit decisions.

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