States Gain Power to Protect Consumers from Abusive Credit Bureaus
Credit bureaus routinely fail consumers, now states can step in and fight back
A new interpretive rule issued by the Consumer Financial Protection Bureau (CFPB) gives states the authority to protect consumers from abuses of the credit reporting industry.
The credit reporting industry is notorious for failing consumers — whether in terms of abusive data collection practices or refusal to correct credit report errors.
Consumer Group Applauds CFPB for Report on Failures of Credit Bureaus | by Andy Spears | Medium
“America’s credit reporting oligopoly has little incentive to treat consumers fairly when their credit reports have errors,” said CFPB Director Rohit Chopra. “Today’s report is further evidence of the serious harms stemming from their faulty financial surveillance business model.”
The consumer advocacy attorneys at Finn Law Group have more on what this new rule means for consumers.
CFPB: States Have Legal Authority To Police Credit Reporting Markets (finnlawgroup.com)
According to Finn:
States can now enact safeguards against data abuse and misuse to further reduce risks to their citizens. This…
