| Entities | |
| Topics and Issues | Credit Header (15) Data brokers (48) |
In March 2023, the CFPB announced that it
has launched an inquiry into companies that track and collect information on people’s personal lives. In issuing this new Request for Information, 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. This request is a chance for the public to share feedback about companies that play a significant role in people’s lives and in the economy. This feedback will shed light on the current state of an industry that largely operates out of public view, and inform the CFPB’s future work to ensure that these companies comply with federal law.
The inquiry seeks information about business practices employed in the market today to inform the CFPB’s efforts to administer the law, including planned rulemaking under the FCRA. The CFPB is interested in hearing about the business models and practices of the data broker market, including details about the types of data the brokers collect and sell and the sources they rely upon. The feedback received will help the CFPB gain a better understanding about the current state of business practices in this area. The CFPB is also interested in hearing about people’s direct experiences with these companies, including when individuals attempt to remove, correct, or regain control of their data.
The RFI has two areas of inquiry, “market-level inquiries,” and “individual inquiries.” The former area of inquiry has 22 enumerated questions for businesses, and over 20 sub-questions, while the latter area has about 15 questions and sub-questions for consumers.