Consumer bureau to police credit reporting bureaus Associated Press Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Updated 03:16 p.m., Monday, July 16, 2012 Richard Cordray, the government agency's director, said in a speech Monday that the CFPB said its oversight may include on-sight examinations, and that it may require credit bureaus to file reports. Jon Ulzheimer, president of consumer education at SmartCredit.com and a former Equifax employee, said the CFPB may soon clarify what the Fair Credit Reporting Act requires of credit bureaus, a constant source of debate in the consumer credit world. Gerry Tschopp, a spokesman for Experian, said the government already oversees the industry, because the Federal Trade Commission has been responsible for enforcing the Fair Credit Reporting Act since it became law in 1970. Banks and other lenders use credit scores to measure eligibility for mortgages, credit cards and a wide variety of other consumer loans. There have been thousands of complaints about credit reports from consumers who claim they are unsuccessful getting credit reporting agencies to correct inaccurate information.
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Mon, 07/16/2012 - 3:44pm
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