A PYMNTS Company

Credit reporting companies faces federal oversight for the first time

By  |  July 17, 2012

The U.S. Consumer Financial Protection Bureau (CFPB) has announced that it will be monitoring 30 credit reporting companies in September. The targeted companies–including Equifax, Experian, and TransUnion–generate 94 percent of the industry’s annual revenue. Credit reporting has never before been regulated by a single agency; instead, several shared the duty of proposing rules.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    The CFPB is focusing on the credit reporting sector because of its importance in major consumer decisions such as education and home ownership, and also because of the sheer breadth of information that the companies possess on individuals.

    Full content: Reuters

     

    Related content: Interactions between Competition and Consumer Policy

     

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.