In a surprise announcement, the Consumer Finance Protection Bureau, the newly created federal agency responsible for protecting consumer rights, confirmed that it will begin direct oversight of credit reporting agencies (including Experian, Equifax and Trans Union) on September 30th. Although there are a bevy of laws in place pertaining to credit data, this represents the first time that the credit bureaus themselves will face government supervision.
Here is the official announcement.
It’s about time. I wonder how the credit bureaus feel about someone checking their credit.
I hope the result of this move will be credit bureaus that are more responsive to the law and consumers, especially those struggling to have errors corrected, instead of the arrogant, unresponsive gatekeepers they often are today.