If you are not aware that you can do this with Microsoft, head over to this page to check out. You need to sign in your live ID first before accessing this page to get the proper profile pulled up.
The profile lets you update your personal information and how you want to present yourself through Live service with Microsoft.
My data tab lists your interests on Microsoft, Bing searches preference, and Newsletters. Clicking on each sections on the left panel lets you manage each service in detail.
Only 3 services listed so far, but there will be more to come.
My choices tab is probably the one you want to pay more attention because that is where you make choices about how Microsoft uses your data.
For now, only Microsoft Advertising and Email communications available but again since it’s still in beta, there are for sure more to come soon.
Simply click the check box in front of the service to allow or disallow the data being used by the correspond service.
More services tab lists the services you use that might also be containing your data with them. Each listed service in this tab has a link from which you can manage your personal information.
It’s definitely a necessary step for Microsoft to have a transparent platform like this to interact with all their users. And we sure are looking forward to seeing more services available on the dashboard.