The Consumer Financial Protection Bureau (CFPB) is extending the comment period for a proposal regarding changes to how identity theft and coerced debt are reported to credit bureaus. Initially set to end on March 7, 2025, the period will now close on April 7, 2025, to give people more time to provide their feedback. This proposal involves updating definitions within Regulation V, which backs up the Fair Credit Reporting Act, to better tackle issues of coerced debt. People are encouraged to submit their comments quickly, preferably online, to avoid mail delays.
Simple Explanation
The CFPB is asking people for their opinions on a new rule that helps fight against identity theft and forced debt, and they've given people more time until April 7, 2025, to share their thoughts.