Experian, Fiderus Partner on Privacy Compliance
The main part of the agreement concerns financial companies' compliance with the Gramm-Leach-Bliley Financial Privacy Act. This legislation requires financial institutions to disclose their privacy policies to customers and, in some circumstances, restricts banks from sharing customers' nonpublic, personal information. The deadline for financial institutions to disclose their data-sharing practices to customers is July 1.
Fiderus will assess businesses' privacy practices with an emphasis on compliance with GLB. Then, Fiderus and Experian will create and implement a Privacy Notification Service using Experian's proprietary data integration technology.
The Privacy Notification Service will allow clients to comply with GLB by executing the privacy notice mailing and managing opt-out responses.
"We help our clients provide a record of their good-faith efforts to comply with the law," John Nebergall, vice president at Experian, Orange, CA, said in a statement. "Experian and Fiderus provide our clients the convenience of a central location for designing and implementing a privacy-enabled customer information repository that can be used as the basis for a customer relationship management solution."