Geoff Pugh/AFP by way of Getty Images)
Online private info is a sizzling commodity. It’s usually purchased and bought by knowledge brokers.
In an ideal world, we’d have management over this info and would have the ability to promote it to the very best bidder. Unfortunately there’s little regulation that protects us.
The Consumer Financial Protection Bureau (CFPB) has launched an inquiry into firms that observe and accumulate info on folks’s private lives. The CFPB “wants to understand the full scope and breadth of data brokers and their business practices, their impact on the daily lives of consumers, and whether they are all playing by the same rules.”
Why is knowledge brokering an issue? “Modern data surveillance practices have allowed companies to hover over our digital lives and monetize our most sensitive data,” mentioned CFPB Director Rohit Chopra. “Our inquiry will inform whether rules under the Fair Credit Reporting Act reflect these market realities.”
“Congress passed the Fair Credit Reporting Act (FCRA) in response to concerns about data brokers assembling detailed dossiers about consumers and selling this information to those making employment, credit, and other decisions. People often have little choice about whether to enter into business relationships with these companies or whether they will be tracked, yet the data these companies collect may nevertheless play a decisive role in significant life decisions, like buying a home or finding a job.”
Do you suppose your private info has been used with out your consent?
Consumers can submit complaints about monetary services or products by visiting the CFPB’s web site or by calling (855) 411-CFPB (2372).
