The CFPB is seeking to renew a key set of credit reporting requirements, including protections designed to shield victims of human trafficking from lasting financial harm.
In a filing scheduled for publication in the Federal Register, the CFPB requested approval from the Office of Management and Budget to reinstate an information collection tied to Regulation V, which implements portions of the Fair Credit Reporting Act.
A central provision of the rule allows victims of human trafficking to submit documentation identifying negative credit information linked to their exploitation. Consumer reporting agencies are then required to block those adverse items from appearing in credit reports, helping prevent long-term damage to victims' financial standing.
The rule also reinforces a broad set of consumer protections, including required disclosures when negative information is reported, access to free credit reports, identity theft protections and the ability to opt out of certain marketing offers.
The CFPB estimated the requirement affects more than 779,000 entities and generates approximately 6.3 million annual burden hours, reflecting its wide reach across the financial system.
The Bureau is now accepting public comments on the proposal as part of the federal review process before a final determination is made.
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