This week the Consumer Financial Protection Bureau (CFPB) announced intentions to regulate data brokers by making them comply with the Fair Credit Reporting Act. Under the proposed rule, data brokers would be limited in their ability to sell personal and financial information about American consumers, specifically income, credit history, credit scores or debt payments.
As reported by The Verge, the rule would cause data brokers to comply with the FCRA, much like credit bureaus and background check companies must, which would limit their ability to both obtain and use the information they obtain about consumers. Data brokers would be required to get clear consent for data sharing, essentially forcing them to get explicit permission to sell a consumer's sensitive personal financial information.
