Transparency in data handling for your peace of mind.
SoFi's Privacy Policy details how personal information is collected, used, and protected. It outlines SoFi's commitment to data security and transparency, explaining user rights regarding their financial and personal data within the fintech platform.
At SoFi, we understand that your personal and financial information is among your most valuable assets. Our approach to privacy is built on the principle of transparency and giving you control over your data. We believe you have a right to know exactly what information we collect, why we collect it, and how it is used to provide you with financial services. This policy details our practices, ensuring clarity in every step.
We are committed to maintaining the confidentiality and integrity of your data. This commitment extends beyond mere compliance with regulations; it's a core part of how SoFi operates. We continually review and update our privacy practices to adapt to new technologies and evolving regulatory landscapes, always with your best interest at the forefront. Our goal is to foster trust by protecting your information diligently and ethically.
SoFi collects various types of information to provide and improve our financial products and services. This includes identifiers like your name, address, Social Security number, and contact details, as well as financial information such as account balances, transaction history, and credit reports. We also gather commercial information about products or services you've obtained from us and internet activity data like IP addresses and browsing history on our platforms. This data is collected through your direct interactions, third-party sources, and automated technologies.
To protect your information, SoFi employs a multi-layered security strategy. This includes strong encryption for data in transit and at rest, secure access controls, regular security audits, and employee training on data protection best practices. We adhere to industry standards and regulatory guidelines to safeguard your personal and financial details against unauthorized access, disclosure, alteration, and destruction. For more details on data security standards, you can refer to resources like the NIST Cybersecurity Framework.
SoFi recognizes your fundamental rights concerning your personal data. You have the ability to access, correct, and in some cases, request the deletion of your information held by us. We provide mechanisms within your account settings and through our customer support channels to exercise these rights effectively. Our aim is to make managing your privacy preferences as straightforward as possible.
"At SoFi, your privacy choices are respected. We provide clear avenues for you to manage your data, reflecting our commitment to your control and transparency."
We are dedicated to complying with applicable privacy regulations, including the California Consumer Privacy Act (CCPA) where relevant, and other state-specific privacy laws. This means we offer specific disclosures and rights to residents of those states, such as the right to opt-out of the sale of personal information. SoFi does not sell your personal information in the traditional sense, but we provide clear options for managing data sharing preferences as described in our full policy. For general information on consumer privacy rights, resources like the Federal Trade Commission (FTC) can be helpful.
| Data Type Collected by SoFi | Purpose of Collection | Sharing Practices | User Control Options |
|---|---|---|---|
| Personal Identifiers (Name, SSN, Address) | Account opening, identity verification, legal compliance | With service providers, regulatory bodies (as required) | Correction via account settings, identity verification for access |
| Financial Information (Balances, Transactions) | Service delivery, fraud prevention, credit assessment | With financial partners (e.g., credit bureaus), regulatory bodies | Access to statements, dispute resolution processes |
| Internet & Activity Data (IP address, usage patterns) | Website functionality, security, product improvement | With analytics providers, security partners | Browser settings (cookies), opt-out of certain tracking |
| Commercial Information (Products obtained) | Service personalization, marketing, account management | With marketing partners (for relevant offers), internal analysis | Opt-out of marketing communications, preference settings |
SoFi collects various types of personal information, including identifiers like your name, address, and Social Security number, financial details such as account balances and transaction history, and internet activity data. This information is gathered to provide and improve our financial products and services, ensure security, and comply with legal requirements.
SoFi protects your financial data using strong encryption for data both in transit and at rest, secure access controls, and regular security audits. We also provide ongoing employee training on data protection best practices to safeguard your information against unauthorized access and maintain its confidentiality and integrity.
Yes, SoFi provides mechanisms for you to access and correct your personal information. You can typically manage and update many details directly within your account settings on the SoFi platform. For certain requests or more complex corrections, our customer support team is available to assist you.
SoFi shares information with third parties primarily to facilitate the services you request, for security purposes, and to comply with legal obligations. This can include service providers, financial partners (like credit bureaus), and regulatory bodies. We do not sell your personal information in the traditional sense and provide options to manage data sharing preferences.
SoFi is committed to complying with applicable privacy regulations, including the California Consumer Privacy Act (CCPA) where relevant. This involves providing specific disclosures to residents of those states and respecting their rights, such as the right to know what personal information is collected and the right to opt-out of certain sharing practices.
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