The CFPB has launched a rulemaking to address the harmful effects of inaccurate credit reporting affecting survivors of domestic violence, elder abuse, and other forms of financial abuse. The agency is issuing an advance notice of proposed rulemaking to gather additional public input on potential amendments to the regulation that implements the Fair Credit Reporting Act (FCRA). After gathering public comment, the CFPB intends to issue a proposed rule.

Abusers often use coerced debt as a tool of control, forcing their partner or other family members to take out credit cards or loans through threats, physical violence, or manipulation. They may secretly open accounts in survivors’ names, force them to sign financial documents, or run up charges on existing accounts.

Studies show that this type of financial abuse creates substantial, long-lasting harm for survivors. For example, nearly three-quarters of domestic violence survivors report staying longer in abusive relationships in part because of coerced debt. The impact falls particularly hard on women of color, who face higher rates of financial abuse resulting in nearly double the average debt burden.

Consumer advocates, credit reporting companies, and the public are asked to comment on:

• The prevalence and extent of harms to people with coerced debt, including through the credit reporting system.
• Evidence regarding the relevance of coerced debt to a survivor’s credit risk.
• Barriers to accessing existing protections under federal or state law for survivors of economic abuse.
• Challenges resulting from coerced debt facing specific populations including survivors of intimate partner violence and gender-based violence, older Americans, and children in foster care.
• Potential documentation or self-attestation requirements for showing that a person’s debt was coerced.

The deadline for submitting comments on the advance notice is March 7, 2025.