Yesterday the Consumer Financial Protection Bureau (CFPB) announced principles for protecting financial data that consumers choose to share with third party companies that provide services like personal financial management tools, bill payment, budgeting or fraud prevention.
The principles cover data access, data scope and usability, control of the data and informed consent, payment authorizations, data security, transparency on data access rights, data accuracy, accountability for access and use, and disputes and resolutions for unauthorized access.
Of particular interest to the debt collection industry may be the guidelines covering control and informed consent (especially as it relates to revocation), access transparency and accuracy. Excerpted from the CFPB’s document:
View this content by subscribing
Please register to unlock this content
I already have an account. Log in
