WASHINGTON — Credit reports maybe changing ? Even though the economy is going better for most of America. CFPB is now turning their sights on the 3 major credit reporting companies.
A most widely cited study by the Federal Trade Commission in 2012 found that one in four consumers have potential mistakes on their credit reports. Worse, one in 20 may have errors significant enough to negatively impact how much he or she pays for a loan, or whether credit is provided at all. Given that 220 million Americans are now on file with the bureaus, that's 11 million consumers with possibly material errors on the reports they will use to buy a house, car or even secure a job.
A new agreement signed by one of the country's largest credit bureaus and hailed by federal and state officials as a "tough fix-it order" was supposed to usher in a new era where such firms would clean up inaccuracies and better respond to consumer complaints.
But nearly 25 years after the deal in question was signed with TRW, now known as Experian, and despite two subsequent legislative overhauls, glitches in the credit reporting system remain widespread.
Now regulators and law enforcement officials are again raising the stakes for the credit reporting industry, which tracks consumer debts and bill-paying habits to sell to banks and other lenders.
The industry is now facing considerable scrutiny, including new oversight from the Consumer Financial Protection Bureau and a number of state attorneys general, though the piecemeal changes don't yet amount to enough for critics — particularly absent a headline-grabbing crackdown with real teeth.
"They still need to be dragged kicking and screaming," said Ed Mierzwinski, the consumer program director at the U.S. Public Interest Research Group.
As always we say KNOW the score get free report here. https://www.annualcreditreport.com/index.action