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Credit Repair

Feds Turn Attention To Credit Reporting Agencies

Consumer Financial Protection Bureau (CFPB) Director Richard Cordray announced recently that the agency will be focusing on the credit reporting industry. He feels that the focus is necessary because the reports issued by those within the industry can affect so many aspects of a person’s life.

”We have heard reports from many consumers that their credit reports are not accurate, and it is difficult to get them corrected,” Cordray said.”Because of the critical role that credit reports play in consumers’ lives, it is our job to make sure we understand the full extent of these problems and address them effectively.”

Equifax, TransUnion, and Experian are the most recognizable names in the industry, but they are not the only players. The CFPB has the authority to regulate every company in the industry under the Dodd-Frank Wall Street Reform and Consumer Protection Act and intends to do so.

Director Cordray also pointed to the role of consumers in their own credit report protection. ”Keep in mind that nobody else has as much incentive to protect you as you have to protect yourself. Checking your credit report can reveal odd entries you do not recognize, which may be signs of identity theft. It also can uncover errors that will hurt your creditworthiness unless you dispute them and get them fixed. I urge every consumer to perform this self-check at least once every year.”

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