Cordray on Credit
Reporting: 'We're Only Getting Started'
Consumer Financial Protection Bureau Director Richard Cordray said in a Feb. 19 speech to the agency's Consumer Advisory Board that it will continue working to ensure credit reports are fair and given to consumers for free. A recent focus group study reveals that consumers are confused by multiple scores from multiple reports and have had little involvement in making sure their reports are accurate. "Despite the credit reporting industry's commercial success in selling credit monitoring services, its core credit reporting system has not yet evolved to become very responsive to the public," said Cordray. "Using our supervision and enforcement authorities, we are already bringing significant new improvements to the credit reporting system -- and we are only getting started." In December, the CFPB said the largest credit reporting companies would be required to provide regular information on the accuracy of reports and which sectors or companies receive the most complaints. According to the agency, over 50 million consumers have been able to view their credit score as part of its initiative to make credit reports more freely available. Cordray noted that "more than a dozen issuers are providing scores directly and freely to consumers on a regular basis."
From "Cordray on Credit Reporting: 'We're Only Getting Started'"
American Banker (02/20/15) Witkowski, Rachel
Consumer Financial Protection Bureau Director Richard Cordray said in a Feb. 19 speech to the agency's Consumer Advisory Board that it will continue working to ensure credit reports are fair and given to consumers for free. A recent focus group study reveals that consumers are confused by multiple scores from multiple reports and have had little involvement in making sure their reports are accurate. "Despite the credit reporting industry's commercial success in selling credit monitoring services, its core credit reporting system has not yet evolved to become very responsive to the public," said Cordray. "Using our supervision and enforcement authorities, we are already bringing significant new improvements to the credit reporting system -- and we are only getting started." In December, the CFPB said the largest credit reporting companies would be required to provide regular information on the accuracy of reports and which sectors or companies receive the most complaints. According to the agency, over 50 million consumers have been able to view their credit score as part of its initiative to make credit reports more freely available. Cordray noted that "more than a dozen issuers are providing scores directly and freely to consumers on a regular basis."
From "Cordray on Credit Reporting: 'We're Only Getting Started'"
American Banker (02/20/15) Witkowski, Rachel
No comments:
Post a Comment