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A new CFPB rule strengthens credit data standards, helping lenders and borrowers
Manage episode 522624056 series 2701908
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The Consumer Financial Protection Bureau has issued a new rule that reinforces national standards for credit reporting. It confirms that federal law takes precedence over conflicting state rules, a move the Consumer Data Industry Association says will improve consistency, lower costs, and protect access to credit. Dan Smith, President and CEO of CDIA, is here to explain what the rule means for lenders, borrowers, and the future of credit data.
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