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The U.S. Consumer Financial Protection Bureau today proposed a rule to regulate data brokers that sell sensitive personal and financial information, including Social Security numbers, phone numbers, and financial data such as income. These sales generate more than $250 billion a year. Under the proposed rule, companies would need separate, explicit authorization from consumers to share credit reports, rather than a blanket agreement that is buried in fine print.
Thieves, loan sharks, stalkers, even foreign espionage agents can exploit gaping holes in credit reporting enforcement that the CFPB is rightly proposing to repair.“Scammers use this data to prey on seniors, who lost more than $3.4 billion in 2023, an increase of 11% over the previous year. Stalkers can perpetrate violence, including one who murdered a judge’s son after purchasing her home address.
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