Allows Broader Access to Consumer Reports
Official: A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to the withdrawal of the rule relating to "Fair Credit Reporting; Permissible Purposes for Furnishing, Using, and Obtaining Consumer Reports".
This resolution nullifies a rule that limited when consumer reporting agencies can provide consumer reports to users. It allows broader access to these reports without strict requirements.
1. This resolution removes restrictions on how consumer reporting agencies can share consumer reports. 2. It permits companies to access consumer reports without needing to prove a specific permissible purpose. 3. Consumers may face increased risk of their personal information being accessed without proper justification. 4. This change could lead to more unsolicited credit offers and potential identity theft. 5. The resolution affects how consumer data is handled by various businesses and financial institutions.
This resolution affects consumers who may have their credit information accessed more freely by companies.