Status Updates Affect Your Mortgage and Interest Rates, Consumer Groups Say

Federal regulators need to ensure that the protections in the Fair Credit Reporting Act apply online, particularly on social networks, said consumer groups in a letter sent earlier today to Federal Financial Institutions Examination Council.

Federal regulators need to ensure that the protections in the Fair Credit Reporting Act apply online, particularly on social networks, said consumer groups in a letter sent earlier today to Federal Financial Institutions Examination Council.

“The regulatory structure has not kept pace with social media developments, the increasing use of sophisticated and largely non‐transparent ‘social intelligence’ techniques, and the impact of these techniques on consumer decision-making,” wrote Jeffrey Chester, executive director of the Center for Digital Democracy, and Edmund Mierzwinski, director of the consumer program at the U.S.

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