The companies that determine Americans’ credit scores are about to come under government oversight for the first time.
The Consumer Financial Protection Bureau (CFPB) 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.
In remarks prepared for a speech Monday, 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. (You may recall President Obama had to circumnavigate Congressional authority in order to get Cordray his consumer watchdog position.)
I can go a couple of different ways here:
Pointing out that someone doesn't repay borrowed money is racist.
Once again my advantage I built with hard work and responsibility is washed away by communist leeches.
Sometimes I wish I could live with myself being a mooching thief parasite. Life would be a lot easier.
Well retribution was implied when US treasuries were downgraded. I guess its payback time.