September 2, 2011
Borrowers could be further empowered to dispute credit reports and scores should the new Consumer Financial Protection Bureau gain oversight of credit bureaus.
“This includes uncovering discrepancies when a report or score obtained by a consumer differs from the data that land on a lender’s desk, simply because the numbers were derived from another service,” notes U.S. News & World Report.
The CFPB issued a report this summer analyzing whether it should supervise credit bureaus. The organization’s goal is ensure that consumers fully comprehend their credit scores.
“The Big 3 bureaus, known to regulators as Consumer Reporting Agencies (CRAs), have been fined only a handful of times, according to PIRG data,” the news outlet reports. “Once, in 2000, all three were fined for not having enough people to answer the phones to handle consumer complaints. And, one firm did pay fines for making people pay for what should have been free reports.”
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