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Released: July 18, 2012
Keeping credit bureaus in check
Source: Michelle Singletary, Washington Post (Free Registration)
Finally, the companies that have been keeping track of how we handle our credit will be watched closely by a single federal agency. On Sept. 30, the Consumer Financial Protection Bureau — exercising the muscle it was given by Congress — will start supervising credit reporting agencies, including the big three: Equifax, TransUnion and Experian. It’s always confounded me that these credit bureaus haven’t had more oversight, considering that the files they compile and use to create credit histories are then used to create credit scores, which affect consumers’ ability to get a credit card, home loan, apartment and even a job.Read Full Article: Keeping credit bureaus in check
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