The Consumer Financial Protection Bureau extended the comment deadline on its request for information on data brokers, such as credit reporting companies and background screening firms, and how the Fair Credit Reporting Act applies to their activities.
Background: The CFPB said Congress passed the Fair Credit Reporting Act—which establishes guidelines for credit reports—in response to concerns about data brokers assembling detailed dossiers about consumers and selling this information. The FCRA includes accuracy standards, dispute rights, and restrictions on how data can be used.
Related Court Cases: The request comes as several courts consider how the FCRA applies to credit reporting agencies and data furnishers. In friend-of-the-court briefs in three related cases, ICBA and other groups have called on the courts to rule that the FCRA requires data furnishers and credit bureaus to investigate and remove factually inaccurate information, not to resolve debt-related legal disputes.
Next: ICBA will submit comments on the CFPB’s request for information by the newly extended July 15 deadline.
