The CFPB announced plans to implement substantial amendments to the Fair Credit Reporting Act (FCRA) that would have far-reaching implications for data brokers, information providers, and end users.
The CFPB proposed changes that would significantly limit how businesses can use consumer data under the FCRA. The removal of medical debt from credit reports, the prohibition of the sale of data for unlawful purposes, and the inclusion of data brokers and aggregators under the FCRA are all suggested changes.
A panel of small businesses assembled under the SBREFA has now received the CFPB’s outline for initial comment. A final rule will be published after the comment period is over, which is not anticipated to happen before 2025.