In the wake of high-profile hacks affecting hundreds of millions of Americans, the Consumer Financial Protection Bureau (CFPB) is proposing a rule limiting data brokers’ ability to sell Americans’ sensitive personal and financial information.
Under the proposed rule, data brokers that sell information about consumers’ income, credit history, credit score, or debt payments would be considered consumer reporting agencies. As such, they’d be required to comply with the Fair Credit Reporting Act (FCRA), a law limiting how these agencies can obtain and use the information provided in consumer reports. In other words, they’d be treated like credit bureaus and background check companies, which already have to comply with the FCRA.
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