Verizon collects a ton of usage and behavioral data on their customers, anonymizes it and then leverages it for marketing and partner programs. If you just signed up with Verizon, say to get a new iPhone 5, you have 30 days to opt-out of the data collection. Bryan J Clark posted about it earlier on app.net:
@benbrooks thought you might like to do a PSA: new Verizon customers like us have 30 days to opt-out from them selling your web history and device location to marketers. They should go to www.vzw.com/myprivacy to fix it.
While Verizon is hardly the only company to engage in customer analytics, because they have access to your cell phone data, they have access to far more, and more personal data than almost any other company. If you're the kind of person who turns off Google web tracking and flips your Facebook privacy settings to maximum, you'll almost certainly want to kill Verizon's snooping as well.
You might also want to drop them and the government oversight organizations of your choice a little letter telling them any such data collection would be better offered as opt-in than hidden as opt-out.
Update: Matthew Panzarino of The Next Web dove into Verizon's privacy options. If you weren't encouraged to turn it all off, all now, read what he found and you will be.