People who receive structured settlement payments?that later?sell their structured settlement payment rights may not be completely aware of the impact of such selling?transactions?(known as?factoring)?on their privacy. The structured settlement watchdog has already brought up?the horrifying story?of sibling victims of sex abuse being solicited by a factoring company when only one of the siblings?went through the process of selling their structured settlement payment rights.
Now my recent debate partner,?Matt Bracy, General Counsel of Settlement Capital Corporation in Dallas, Texas, who also serves as President of the National Association of Settlement Purchasers, addresses privacy in this podcast from the Factoring Channel.
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Bracy's commentary is?a chilling reminder that hearings?for the approval of?structured settlement factoring transactions take place in open court "where anyone can be there". Furthermore, Bracy?warns that?written Court submissions sent to the court prior to the?hearing?may be?public record.?
This news?apparently runs?at odds with the published?privacy policies of many factoring companies?one of which states "...restricts access to nonpublic information about you to those employees who need this information to provide services and products to you or to service your transactions(s).?... maintains electronic, procedural, and physical safeguards that comply with federal regulations to guard your nonpublic information".?
Kudos to Matt Bracy and Settlement Capital?for helping to?amp up the awareness of this very?important?issue.
For more information please review some of?my?coverage on Privacy Issues Related to Structured Settlement Factoring.
Your Confidentiality Agreement and Court Sniffers Mining Data for Factoring Companies? 10/25/2010
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