The rule is aimed at limiting the sale of that sensitive financial information, including Social Security numbers, income data and phone numbers, the agency said in a press release this week. That information is typically collected by credit bureaus for legitimate purposes, like reviewing a mortgage application, but all too often it’s being used for illicit activity, such as defrauding consumers, tracking military personnel and perpetrating domestic violence.
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CFPB proposes rule to rein in data brokers’ sale of consumer information
“Companies that sell data about income or financial tier, credit history, credit score, or debt payments would be considered consumer reporting agencies required to comply with the FCRA, regardless of how the information is used,” the agency said.
