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Fed Agency to Oversee Credit Reporting Firms

American credit bureaus are about to come under closer scrutiny starting September 30 when the Consumer Financial Protection Bureau adopts a rule Monday that will allow it to monitor the nation’s credit reporting industry for the first time.

In addition to monitoring the country’s big credit bureaus, the agency will also conduct on-site examinations to ensure credit reporting companies, such as TransUnion and Equifax, are in compliance with the law.

“Supervising this market will help ensure that it works properly for consumers, lenders, and the wider economy,” CFPB director Richard Cordray said in a prepared statement.

One focus of the new federal oversight will be on the accuracy of information produced by credit reporting companies. Credit reporting errors are a common grievance among consumer groups, and they hope the new announcement will encourage the industry to maintain accurate records.


2 Responses

  1. 2hotinPhx, what specific objections do you have to the CFPB monitoring powerful credit reporting agencies, other than a knee-jerk response to any government monitoring of powerful private interests?

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