With the implementation of the Consumer Financial Protection Bureau’s (CFPB) Section 1033 rule, consumers are gaining a powerful voice in how their financial and employment data is accessed, used, and shared. However, while the CFPB’s regulation offers enhanced rights, many consumers are still unaware of how critical Verification of Employment (VOE) and Verification of Income (VOI) reports are in shaping key financial decisions. From securing a mortgage to renting an apartment or buying a car, these reports often play a pivotal role. Understanding and actively managing this data is essential to ensuring your information is both accurate and protected.
What Are VOE and VOI Reports?
VOE and VOI reports serve as critical documentation that verifies your employment history and income. Employers and payroll providers typically handle this information, often outsourcing the task to third-party verification companies. These reports allow lenders, landlords, and other verifiers to assess your financial stability and ability to meet payment obligations.
While these reports are indispensable for lending and leasing decisions, they can also impact your financial future if inaccuracies are present. That’s why it’s essential for you, as a consumer, to take an active role in managing how this data is handled and shared.
Why Do VOE and VOI Matter?
Imagine applying for a mortgage or an auto loan. Alongside your credit score, lenders require assurance that you have the income to make payments. This assurance comes from your VOE and VOI reports, which confirm your employment status, income level, and work history. While these reports help lenders make informed decisions, they also hold sensitive personal data, making it critical that the information is accurate and securely managed.
Unfortunately, many consumers are unaware that:
- Employers may share this data with third-party verification companies without their knowledge.
- Not all verification providers prioritize transparency, consent, or accuracy.
- Inaccuracies in these reports can lead to delays, denials, or higher costs during the lending process.
By understanding the significance of these reports and how they are used, you can take steps to protect yourself and ensure fair and accurate treatment.
How Can You Take Control of Your VOE and VOI?
Taking control of your data begins with awareness and action. Here are three steps to ensure your VOE and VOI data is protected and accurately reflects your financial reality:
- Talk to Your Employer: Start by having a conversation with your employer or HR department. Ask who handles the VOE and VOI process and whether a third-party provider is involved. Advocate for using services that prioritize transparency and require consumer consent for every data-sharing request. If your employer is unaware of these standards, share resources to help them make informed decisions about the providers they choose.
- Review Your Reports: Access your VOE and VOI reports regularly to ensure the information being shared about you is accurate. Most verification providers allow consumers to review their data—take advantage of this opportunity. If inaccuracies are found, act quickly to correct them with both the provider and your employer.
- Advocate for Change: Use your voice to promote better data practices within your workplace and among verification providers. Push for policies that require explicit consumer consent before data is shared and ensure robust privacy protections are in place.
The Role of MyEmployment in Consumer Empowerment
At MyEmployment, we are committed to empowering consumers by promoting transparency and ethical practices in the VOE and VOI processes. Our mission is to ensure that both employers and consumers understand the importance of data privacy and accuracy when it comes to employment verification. We are proud to be ahead of the CFPB’s 2026 deadline, providing innovative solutions that put you in control of your data.
Through tools that allow consumers to review, manage, and authorize their employment and income information, we’re helping to build a system that prioritizes trust and consumer empowerment. Your data should work for you, not against you, and MyEmployment is here to ensure it does just that.
A Call to Action
The CFPB’s Section 1033 rule marks the beginning of a new era for consumers, one where you have greater control over your personal and financial data. But with great power comes great responsibility. Take charge of your VOE and VOI information today by engaging with your employer, reviewing your reports, and advocating for privacy practices that prioritize your consent.
To learn more about your rights under the CFPB’s rule and how MyEmployment can help you navigate this new landscape, visit MyEmployment.com. Together, we can create a future where your data works for you—securely, transparently, and ethically.
