CFPB proposal would classify more data brokers as consumer reporting agencies

New rules for the Fair Credit Reporting Act proposed by the U.S. Consumer Financial Protection Bureau would expand the definition of "consumer reporting agency" to include more data brokers, according to a Kelley Drye blog post. While the CFPB has yet to issue specific language for its new proposals, the agency generally would "classify any report that includes data such as payment history, income, or criminal records as a consumer report" and would only allow data brokers to share such information for eligibility decisions for a given individual.