How to update your Twitter privacy settings

• Twitter now lets users correct errors in inferred demographic data.
• Here's how to see who Twitter thinks you are and opt out of the data tracking.

In May, Twitter announced some changes coming to its data controls and privacy policy. Going forward, users can opt out of tracking and have a say in how their personal data are shared.

Users are now able to correct any mistakes in the way Twitter has you categorized, so you can help the company — and its advertisers — out by deselecting categories that don't apply to you. The changes also allow Twitter to serve you ads that are more targeted to your demographic.

CNBC's Eric Chemi checked out the changes to Twitter's policy by looking at the accounts of some of CNBC's on-air talent.

Here's how to see who Twitter thinks you are, and how to opt out if you don't want to be tracked or receive targeted advertising.

Using the iPhone Twitter app, click the gear symbol and click "Settings and privacy."

Click "Privacy and safety" and then "Personalization and data." If you haven't adjusted your settings, it'll say "Allow all" in gray on right.

The personalization and data screen shows how your Twitter tracks and shares your activity with partners. We'll come back to this screen.

Scroll down to the bottom and click on "See your Twitter data."

The "Your Profile" tab shows information you've provided, such as your username, email and phone number. If you didn't put it in already, it also shows some demographic information Twitter has estimated like gender and age group. Click the "Your Data" tab on the right.

On the next screen, find "Interests from partners" and click "Edit."

Here are the inferences Twitter's partners have made based on your behavior both online and offline. If you want to correct any errors (Twitter says this will help them direct more relevant ads) you can uncheck whatever is incorrect. CNBC's Big Crunch Twitter account, for example, does not rent a home, so we might uncheck that.

If you want to turn off Twitter's tracking, go back to the "Personalization and data" page. You can disable any of the individual categories one at a time or all of them at once. If you disable all of them, a dialogue box pops up asking if you're sure.