Govt to supervise credit reporting for first time

Answer 1

The Consumer Financial Protection Bureau (CFPB) adopted a rule to supervise consumer reporting firms for the first time at the federal level.

Beginning September 30, 2012, about 30 firms, including Equifax, Experian and TransUnion, will be subject to on-site examinations and reviews of their compliance with the law.

The CFPB said it will also monitor companies that issue payday loans or checking accounts.

The agency has received thousands of complaints from consumers who have been unsuccessful in getting credit reporting firms to remove errors from their credit reports, which can adversely affect their credit score and cause economic hardship.