3. Data Brokers Getting Heat from Feds About Auto Lending Leads

The Wall Street Journal

Speed Read:

Con­tin­u­ing signs that the “the fit is about hit the shan” over the sell­ing of data. Is it time to “wash the sales fun­nel”?

Rock­e­feller. FTC, and CFPB scru­ti­niz­ing data bro­kers who are mar­ket­ing cred­it info on finan­cial­ly trou­bled con­sumers.

Drill-Down Details:

  • Con­sumer pro­files are being com­piled & sold to auto lenders
  • No sur­prise – as has been big busi­ness for a finance com­pa­nies
  • Gath­er data and pro­fil­ing from social media & sell­ing as auto leads
  • Scruti­ny is increas­ing as more data com­pa­nies enter mar­ket
  • Tech­nol­o­gy and soft­ware has made it easy for bro­kers to aggre­gate
  • Right now Feds are after Axiom, Epsilon, Exper­ian, Medbase200
  • Issue seems to be the “decep­tive” ways bro­kers get data
  • Pro­posed bill would enable con­sumers to opt out
  • Some say “Sure,” but do con­sumers real­ly know what’s going on?
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