Want proof? Look absolutely no further than a current crackdown into the subprime sector because of the customer Financial Protection Bureau.
The watchdog agency, which conservatives say may be the embodiment of regulatory overreach, slapped Clearwater’s Clarity solutions Inc. And its own owner, Tim Ranney, with an $8 million fine for illegally accessing the credit files of a large number of consumers nationwide.
Which is bad sufficient. Making things even worse is really what the business did along with those credit files.
In accordance with the bureau, Clarity used them to come up with product product sales leads for firms which make “small-dollar loans to customers who possess slim credit files. “