| Entities | |
| Topics and Issues | "Big data" (3) Data brokers (44) Disputes (45) |
In March 2024, the CFPB posted a blog (Seth Frotman) saying businesses
harvest information on people’s financial status or record of paying bills and provide that information to consumer reporting companies. Consumer reporting companies then sell this data to companies making employment, credit, and other decisions. We have seen companies in this system repeatedly try to find legal loopholes to avoid meeting basic requirements designed to ensure the accuracy of the information. Over the last few years, the Consumer Financial Protection Bureau (CFPB) has taken several steps to beat back dubious claims from industry participants that they don’t have to follow the law’s requirements.
The blog also points out that the
The FCRA requires consumer reporting companies to investigate when someone notifies the company that any information in the person’s file is incorrect or incomplete. The CFPB and FTC found that one consumer reporting company, Experian Information Solutions, has argued in court that this requirement doesn’t apply to personal identifying information, like someone’s name, address, or Social Security number. That’s obviously not right, and we have filed an amicus brief [in Nelson v. Experian] to help ensure people can hold consumer reporting companies accountable when they violate the law in this manner.