Data Security News

The CFPB wants to rein in data brokers

We commend CFPB Director Rohit Chopra for his relentless advocacy in safeguarding consumers against exploitative practices perpetuated by data brokers under the guise of credit reporting. These brokers, intertwined with the credit reporting system, have entrenched inefficiencies that need urgent reform. Such practices inflate mortgage lending costs, burdening both lenders and consumers alike, as these brokers capitalize on monetizing sensitive financial data. 

At Vault Verify, we stand committed to curbing excessive fees in the verification process. Our approach ensures affordability with verification fees nearly half that of industry giants, with no additional charges for re-verifications. Our reports offer meticulously detailed employment and income data derived from real-time sources, streamlining the lending process and delivering unparalleled value to verifiers and HR professionals alike.

“The CFPB wants to rein in data brokers” appeared on on April 15, 2024.