Last month, Senator Jack Reed (D) of Rhode Island proposed legislation which would give consumers discretion over who sees their all-important credit information. The Control Your Personal Credit Information Act would require credit bureaus to request permission from consumers in order to share their highly personal credit-information with third-parties. Senator Reed states: “under existing law, the current consumer reporting system is backwards. Consumer reporting agencies collect so much information on us, often without our consent, so at the very least, they should ask us for our permission before they share or sell our information.”
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