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Credit Repair

Consumer Financial Protection Bureau Looks For Ways To Monitor Credit Bureaus

The newly formed federal Consumer Financial Protection Bureau (CFPB) has announced that it will be looking for ways to monitor the credit reporting industry. At this time, the main goal of the agency is to create more clarity in how credit scores are formulated.

This is a move that has been needed for a long time. Your credit score is the most important aspect of your financial life. ”We are going to be supervising these institutions very closely to make sure they’re complying with the law,” CFPB director Richard Cordray said. ”We are actually going to have firsthand knowledge of their operations because we have authority to go in and seek information about anything we want to know and they’re not at liberty to withhold it from us. That can be a really quick way to get a bird’s eye view of what’s going on.”

Even with the CFPB bird dogging the industry, one estimate says that 80% of all credit reports have an error on them. It is still wise for each consumer to pull their credit report at least once a year to clear up this mistakes.  This is the heart of legal credit repair, and it’s deceptively simple.  Of course, you can pull your report once per year, for free, from AnnualCreditReport.com.

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