File this under “What could possibly go wrong?”
The companies that determine Americans’ credit scores are about to come under government oversight for the first time.
The Consumer Financial Protection Bureau (CFPB) 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.
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4 comments:
Thank goodness! The Big 3 have not been accountable at all to the people they hold records on. We are not their client...the banks, insurance companies, etc. are.
Have you ever tried to get an inaccuracy fixed? Good luck - I've been trying for 10 years!
All I can say is...it's about time!
Oh good... Because Government is in NO WAY controlled by the banks, insurance companies, etc... Right... I give this six months before it is worse than ever before.
Having been in the mortgage business for 30 yrs, you can rest assured that this will ruin the best thing that ever happen to the mortgage industry. People who have issues with the credit reporting agencies have the legal system (gov't run) to blame for their miseries. Anyone can go into a court house and file a judgement on anyone without providing the evidence to back up their claims or statements. The burden of proof then falls back onto the consumer to prove their case or show evidence that this is in error. The over whelming % of credit reports give lenders a true accounting of the potential borrowers history and willingness to re-pay the intended loan without any consideration of age, race, religion, or any other items that could influence the approval of said loan request. The Gov't will screw this up bigtime!
Inaccuracies take YEARS to fix! I hope they set up something that's more fair for the American people.
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