“That [evidence] suggests that businesses need to take data privacy much more seriously, and begin putting customers at the center of every data decision they make.”
A 2015 report by the Annenberg School for Communication found that an overwhelming majority of Americans are against companies sharing their personal information without their permission. In a world characterized by sharing bits and pieces of your personal data, most don’t think twice about all those snippets of information gathered together resulting in an entire personal identity.
Sharing personal information is an unavoidable necessity in some instances, like applying for a loan. Which is why better processes need to be put into place to better protect the consumer. With the CFPB cracking down on regulations meant to serve the consumer, it seems inevitable that more laws will be passed to protect personal data. Any company that must collect personal data as part of business transactions is wise to be ahead of the curve, rigorously protecting consumer data as a best practice.
With the TRID rule coming into effect, it’s even more important now to make sure that your third-party vendors are protecting your client’s information. Protecting personal information not only has to happen during the process but also after, when the information is being discarded.
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