A New Watchdog for Credit Bureaus
Kiplinger's Personal Finance
October 1, 2012
The Consumer Financial Protection Bureau plans to supervise 30 of the nation's largest credit-reporting agencies. CFPB director Richard Cordray confirms that the agency will examine the accuracy of the data the agencies receive, how the companies maintain and assemble the information in consumers’ credit reports, and how they handle dispute resolution. The new scrutiny is being delivered not a moment too soon, according to some, who point to estimates that as many as a quarter of credit reports are inaccurate. An investigation by the Columbus Dispatch newspaper, for example, discovered that credit reports on file with the Big Three credit bureaus -- Equifax, Experian, and TransUnion -- listed short sales as foreclosures, categorized paid-off vehicle loans as repossessions, and labeled closed credit card accounts as delinquent.
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