Agency seeks comments on how you’re impacted by the data companies collect about you

Have you ever had a problem because of data a company has collected on you?

The Consumer Financial Protection Bureau is launching an inquiry into companies that track and collect information on the details of people’s personal lives. It’s seeking input on data brokers and how their business practices impact people’s daily life.

Companies that collect and monetize peoples’ personal data can pose significant harms, including privacy and security risks, the facilitation of harassment and fraud, and the spread of inaccurate information.

People often have little choice on whether to do business with these companies or whether to be tracked or surveilled However, the data these companies collect may play a big role in significant life decisions, such as buying a home or finding a job.

Americans ages 65 and older are less likely than those ages 18 to 29 to feel they have control over who can access things such as their physical location, purchases made online and offline, and their private conversations, according to the Pew Research Center.

The agency wants to hear about how these companies impact you or the people you serve and how they operate, including details about the types of data they collect and sell and the sources they rely on. It’s also interested in hearing about direct experiences with these companies, including attempts to remove, correct, or regain control of data.

You can submit a comment here until June 13, 2023.

Originally Published on https://boomersurvive-thriveguide.typepad.com/the_survive_and_thrive_bo/

Rita Robison Consumer & Personal Finance Journalist

For more than two decades, Rita R. Robison has been a consumer and personal finance journalist making her living by finding the best bargains, calling out the crooks, and advocating for regular people just like you and me. In that time, Robison has talked to so many people who feel like their money just isn’t getting them what they want, where they want to be, or the life they thought it would.

The purpose of her blog is to help you get what you want from your money. Robison covers financial goals, budgets, debt reduction, saving, smart choices for buying goods and services, and retirement planning. You’ll also find articles on safety, such as avoiding scams, looking out for rip off companies, and getting informed on the latest recalls.