Credit reporting firms to gain oversight
The companies that determine Americans’ credit scores are about to come under government oversight for the first time.
The Consumer Financial Protection Bureau said Monday that it will start supervising the 30 largest firms that make up 94 percent of the industry. That includes the three big credit reporting firms: Equifax Inc., Experian and TransUnion. Richard Cordray, the government agency’s director, said that scorekeeping by credit bureaus plays such a large role in Americans’ financial lives, it requires scrutiny.
