Stronger Consumer Control Over Credit Reports: Mandatory Consent for Data Sharing.
This law grants citizens significantly more control over their credit reports by requiring explicit, informed consent before credit agencies can share data for loans or insurance underwriting. It shifts the burden from consumers having to opt-out to companies needing active permission to access credit history. The bill also mandates free and fast methods for consumers to manage this consent and enhances data security requirements.
Key points
Mandatory Opt-In: Credit reporting agencies must obtain your affirmative informed consent before furnishing your credit report for credit extensions or insurance underwriting.
Stopping Unsolicited Offers: Your information will no longer be automatically included in lists for unsolicited credit or insurance offers; you must actively choose to opt-in.
Free Management and Security: Agencies cannot charge fees for managing your consent and must use commercially reasonable efforts to protect your data from unauthorized access.
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