Search Results for keywords:"consumer reporting agencies"

Found 5 results

Search Results: keywords:"consumer reporting agencies"

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  • 2025-02571 — Agency Information Collection Activities; Proposed Collection; Comment Request; Extension
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    Type:Notice
    Citation:90 FR 9549
    Reading Time:about 12 minutes

    The Federal Trade Commission (FTC) seeks public comments on its shared enforcement with the Consumer Financial Protection Bureau (CFPB) regarding consumer reporting agencies' responsibilities under a specific rule. This rule ensures consumers can request a free annual file disclosure from nationwide consumer reporting agencies. The FTC estimates that there will be about 21 million requests for these reports each year. The FTC is also asking for comments on the effectiveness and accuracy of these procedures and the potential ways to improve them. Comments must be submitted by April 14, 2025.

    Simple Explanation

    The FTC wants people to tell them if things are working well when getting free yearly credit reports from big companies that share your credit information, as they work with another group called the CFPB. They also want to know if there are ways to make this process better.

  • 2024-28690 — Protecting Americans From Harmful Data Broker Practices (Regulation V)
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    Type:Proposed Rule
    Citation:89 FR 101402
    Reading Time:about 5 hours

    The Consumer Financial Protection Bureau (CFPB) has proposed a rule to amend Regulation V, which implements the Fair Credit Reporting Act (FCRA). This proposal aims to better regulate data brokers by clearly defining when they are considered consumer reporting agencies under the law, especially concerning sensitive personal information that could affect credit eligibility. Key aspects include ensuring consumer reports are only used for permissible purposes and preventing misuse of aggregated or de-identified data. The rule also seeks public input on these changes to enhance privacy protections and address evolving market dynamics.

    Simple Explanation

    The government wants to make sure that companies handling people's information, like data brokers, follow rules to keep it safe and only use it for the right reasons. They’re asking people what they think about new rules that will help protect personal information from being used in ways that aren't fair or allowed.

  • 2025-03425 — Agency Information Collection Activities: Proposed Collection Renewal; Comment Request
    Type:Notice
    Citation:90 FR 11173
    Reading Time:about 4 minutes

    The Federal Deposit Insurance Corporation (FDIC) is asking the public and other federal agencies to comment on the renewal of certain information collections as part of their responsibilities under the Paperwork Reduction Act of 1995. These collections include the process for State savings banks to convert to stock form, notification procedures for unauthorized access to customer information, and guidelines for ensuring the accuracy of information provided to consumer reporting agencies. Comments can be submitted by email, mail, or hand delivery until May 5, 2025, and will help the FDIC manage these processes more effectively.

    Simple Explanation

    The FDIC is asking people to help them by commenting on some rules about how banks and customer information should be handled. People can tell them their thoughts through email or mail until May 5, 2025, to help them do a better job.

  • 2024-30824 — Prohibition on Creditors and Consumer Reporting Agencies Concerning Medical Information (Regulation V)
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    Type:Rule
    Citation:90 FR 3276
    Reading Time:about 8 hours

    The Consumer Financial Protection Bureau (CFPB) has finalized a rule that changes Regulation V of the Fair Credit Reporting Act (FCRA) to protect medical information in credit decisions. Previously, there was an exception allowing creditors to use medical debt information when deciding if someone qualifies for credit. With this new rule, creditors cannot use this information unless specific exceptions apply, and consumer reporting agencies are limited in what medical debt information they can share with creditors. This change aims to safeguard consumers' privacy and ensure medical information isn't wrongly used. The rule will become effective on March 17, 2024.

    Simple Explanation

    The Consumer Financial Protection Bureau (CFPB) has made a new rule that stops banks and other companies from checking if someone owes money for medical bills before giving them a loan. This helps keep people's health information private.

  • C1-2024-30824 — Prohibition on Creditors and Consumer Reporting Agencies Concerning Medical Information (Regulation V)
    Type:Rule
    Citation:90 FR 8173
    Reading Time:less than a minute

    The Consumer Financial Protection Bureau issued a correction to a previously published rule concerning the use of medical information by creditors and consumer reporting agencies. The correction changes the date mentioned in the DATES section from "March 17, 2024" to "March 17, 2025". This change was necessary to accurately reflect the intended implementation timeline. The correction was made on January 14, 2025.

    Simple Explanation

    The rule about how banks and companies use people's medical information had the start date wrong, so they changed it from 2024 to 2025. This means everyone affected has an extra year to get ready.