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New supervision over credit bureaus
A consumer watchdog is set to oversee credit bureaus.
The New York Times says the Consumer Financial Protection Bureau will begin supervising and making rules covering the three big credit reporting firms; Equifax, Experian and TransUnion, and others.
The credit reporting companies already must abide by the Fair Credit Reporting Act and are also subject to Congressional oversight.
But the Consumer Financial Protection Bureau says they lacked a single federal overseer. The supervision starts September 30th, and the bureau will begin on-site examinations.
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