Homebuyers Privacy Protection: Limiting Credit Report Sharing for Mortgages.
This act aims to enhance the privacy of individuals applying for residential mortgage loans. It restricts credit reporting agencies from sharing consumer reports with other entities unless explicit consumer authorization is provided, or the entity is already involved with the consumer's current mortgage or holds their bank account. This helps citizens avoid unsolicited offers and gain more control over their financial data.
Key points
Credit agencies cannot share mortgage-related consumer reports without the consumer's explicit authorization.
Exceptions apply for entities already servicing the consumer's current mortgage or holding a consumer's account at an insured institution.
The goal is to reduce unwanted credit solicitations and improve financial data privacy for citizens.
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