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The credit card companies have good access to a wide ranging information about
us. They already collect all the personal information such as name, age, address,
phone numbers from us. While the vital financial details are acquired by the
credit card company by accessing our credit reports. This information is very
vital for the credit card companies and even more for us. How do the credit
card companies use this information, and what more do they collect from our
day to day activities. This article takes a look at all such things.
Whenever we make a purchase or borrow from our credit card the credit card
companies gets the required information about the card, date of purchase, amount
of purchase and place of purchase. It is good to have a receipt of every purchase
one makes using his/her credit card since it is very useful to dispute any fraud
claims.
The credit card employees who address who get all the formalities done like
getting your application filled, scrutinizing your application, getting thins
verified, entering the application in computers and processing them -- all can
go through your financial and personal details. It is all bare before them,
but all these employees are bound by the company regulations and must respect
the company's privacy policy.
The customer service representatives, to whom you refer your complaints and
other things also have access to all your private information. They need this
to verify your identity and provide prompt and relevant customer services.
Whenever there is a claim for lost or stolen credit cards, the credit card
companies do have to share your vital information with the security authorities.
Credit card companies use the information you provide, and your spending habits
by recording your day-to-day credit card activities for research and analysis
purposes. They also use this information to develop marketing programs that
give them more leverage to get new customers.
Credit card companies do share information with their partner networks on a
mutual basis for things that benefit each other. In addition to mutual benefits
if a credit card company employs some other agency to do marketing or customer
service on its behalf, the company also gets to know your personal and financial
details.
Whenever, during a legal proceeding, a subpoena is issued, the credit card
company must present your private details to the necessary authority.
These things may alarm you as how many people know everything about you! But,
wait there is little to worry because the credit card issuing companies have
to maintain physical, electronic and procedural security measures that comply
with federal regulations to safeguard the information about every cardholder.
There are very low incidences where actually the company which has issued the
credit card has committed any fraud.
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