The CFPB has issued a final rule aimed at helping survivors avoid some of the financial consequences of human trafficking. The rule provides a method for survivors of trafficking to submit documentation to credit reporting companies that identifies any adverse item of information that resulted from human trafficking, and prohibits credit reporting companies from providing a report containing the adverse items of information.

The CFPB says that the final rule helps survivors reclaim control of their financial lives, and among other things, the final rule:

• provides guidance to survivors on the trafficking documentation they need to provide to credit reporting companies;
• provides guidance to survivors on reporting status as having experienced a form of trafficking;
• requires credit reporting companies to block adverse information in credit reports; and
• applies to all credit reporting companies.

The rule was published in the Federal Register on June 24 and becomes effective July 25, 2022.