The Pentagon has already implemented changes to its Servicemembers Civil Relief Act website, including by requiring users to sign up for accounts before they can request data.
The Defense Department recently deployed systems to let banks and other lenders instantly check potential borrowers’ military status at the same time as they’re checking their credit record.
The Defense Department now has systems up and running that allow lenders to instantly verify a potential borrower’s military status at the same time his or her credit record is checked.
Trade groups representing banks and credit unions say they haven’t had enough time to study the DoD’s rules to protect servicemembers from predatory loans.
Agencies whose missions include protecting military members from fraud say federal laws against exploiting service members are easily circumvented. But soldiers, sailors, airmen and marines also need more education about avoiding bad financial decisions.