28 Dec CFPB to Restrict Mortgage Data to Improve Privacy
The US Consumer Financial Protection Bureau (CFPB) announced this week changes to the mortgage data that it will be publishing in 2019. The Bureau said that the changes to the disclosure rules are meant to improve protections on consumer information related to credit scores and home addresses.
The CFPB said that an industry group informed them that disclosed loan information could be used to re-identify key details about individuals and in turn make them targets of predatory lending practices.
In a press release, the agency said that it has decided to exclude certain data from public HMDA data, including the property address and applicant’s credit score. Certain information such as the applicant’s age, loan amount, and the number of units in the dwelling will also be reported with reduced precision.