How Do You Feel About the Government Overseeing Credit Bureaus?
The consumer protection agency recently announced it will soon begin supervising credit reporting agencies.
If you've ever had to attempt to clear up a discrepency reported on your credit report, you know the frustration of dealing with a credit bureau that refuses to budge or drags its feet on getting data on your report corrected.
Well, the good news (maybe) is the U.S. government is stepping in to oversee the various credit bureaus including the country's major three agencies, Experian (based in Atlanta), Equifax and TransUnion.
Beginning September 30, the consumer protection agency will oversee the agencies to ensure that the data submitted to credit bureaus by lenders is correct and that the data processed is accurate.
According to a report in GoBankingRates.com, the new regulation is expected to have a positive impact on consumers. Up until now the credit bureaus were required to comply with federal laws like the Fair Credit Reporting Act, "but the credit bureaus have never been subject to physical government supervision until now and "without federal oversight were not pressured into making annual credit report corrections in an accurate and timely fashion."
The new regulation is expected to have a postive impact for consumers. What do you think?