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Credit reporting companies faces federal oversight for the first time

 |  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.

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


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