Is there any benefit to "Opting out" of information sharing if u have overdue accts?

[IlluminateSh]

Creditors can share information about you such name, address, ssn, assets, income, family and beneficiary information, account balances, transaction history etc. They can share this information with their affiliated companies (companies they own) and or other non affiliated companies.

I have the option to disallow sharing any of my information to 1) companies they own (affiliates) and/or 2) other companies (non affiliates).

If I am starting to default on my accounts (accumulation of late payments, overdue accounts), does opting out give me any benefit or protect me in any way?

I am also worried about getting sued or similar action on my accounts, does opting out trigger any type of action, investigation on my account?

[tobee43]

IlluminateSh....actually, i think it may be too late for that opting out options...

nowadays these companies share, steal...lie....cheat...anything to get the scoop on someone.

i don't think it will work...if anyone else does please chime in...but as far as my experience it's no help when someone really wants to find you.

[frogger]

The only thing that you can "opt out" of is marketing. What they want is for you to allow for them to share (sell) your information to their other companies, or allow for them to share (sell) your information to any other company that they want to.

Unless you want tons of email, direct mail, phone calls, etc. from everyone and their brothers, opt out.

As to this having any effect on the sharing/reporting of your credit history:

It has no effect one way or the other

[GoingDown]

I always opt-out.

When you opt-out, they are required by law to be just that much more careful with your account information and respect the federal privacy laws concerning your account.

Anything I can do to make my account more of a pain in a** for them to deal with, I do.

And as an added bonus, you get less telemarketing and junkmail.