I believe at one time paypal would generate you a "throw away" one time use CC number. They discontinued it. Anyone know of another service like that? Maybe one that stays on but you can flip off anytime. I.e. Generate a new number for signing up for a recurring charge service and don't use it anywhere else. Then just trash the number when you're done with them.
Magnetic strips on pieces of plastic is crude technology too. I don't see a reason why we can't marry a swipe/read to one business for a single purchase or recurrent payments.
I see many ways around the problem without regulation.
That's not quite what I'm talking about. I'm talking about companies with whom you no longer have any business relationship, but who refuse to delete your account.
For example, not long ago, I made some changes in my retirement planning. In the process of doing so, I considered several financial services companies, all of whom needed some of my personal information in order to make intelligent recommendations for me. Typically this would be name, address, phone number, DOB, SSN, and some financial information.
In the end, I decided on Fidelity. (I haven't regretted that decision, by the way. They're a great outfit.) I sent the rest very nice thank-you letters informing them that I'd settled on another company, and asking that they please delete my information from their records. All except one obliged. The one that didn't claims they can't because of unspecified "federal laws." They would "deactivate" my non-existent account, but not delete it.
Financial services companies are required to keep records and to make reports to the IRS and others -- once an account actually exists. But as far as I know, there are no federal laws requiring that financial services companies keep records of every person they ever
talked to, even if that person decided not to open an account. The fact that all the houses except one deleted my information upon my request sort of backs up my suspicion.
The problem is that apparently there's no way for me to force them to delete my information, at least not as long as they claim to be legally required to retain it (even if they're wrong). There's no law recognizing a person's right not to have his or her personal information on someone else's server once there's no remaining legal or business need for it to be there. I believe that people should have that right.
-Rich