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United States Government Privacy Your Rights Online

New Federal Database Will Track Americans' Credit Ratings, Other Financial Info 294

Posted by timothy
from the but-they-know-your-social-security-number dept.
schwit1 (797399) writes "As many as 227 million Americans may be compelled to disclose intimate details of their families and financial lives — including their Social Security numbers — in a new national database being assembled by two federal agencies. The Consumer Financial Protection Bureau posted an April 16 Federal Register notice of an expansion of their joint National Mortgage Database Program to include personally identifiable information that reveals actual users, a reversal of previously stated policy. The FHFA will manage the database and share it with CFPB. A CFPB internal planning document for 2013-17 describes the bureau as monitoring 95 percent of all mortgage transactions. FHFA officials claim the database is essential to conducting a monthly mortgage survey required by the Housing and Economic Recovery Act of 2008 and to help it prepare an annual report for Congress."
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New Federal Database Will Track Americans' Credit Ratings, Other Financial Info

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