Consumer bureau to police credit reporting bureaus
The companies that determine Americans’ credit scores are about to come under scrutiny by the country’s new consumer watchdog.
The Consumer Financial Protection Bureau said Monday that it will start supervising the 30 largest firms that make up 94 percent of the industry. That includes the three big credit reporting firms: Equifax Inc., Experian and TransUnion.
This marks the first time that a single government agency will take an active role in policing credit bureaus, according to industry experts. The Fair Credit Reporting Act currently requires them to keep accurate information about consumers.