Government creates new agency to oversee credit reporting bureaus

The Consumer Financial Protection Bureau (CFPB) recently announced that the nation's credit reporting bureaus are set to receive oversight from a new agency that is being created for the purpose of reducing mistakes and errors. According to MSNBC, the agency will begin its oversight on September 30, and its main goal is to ensure that bureaus are cooperating with federal law. The governing regulation, the Fair Credit Reporting Act, states that reporting bureaus are required to remove any errors or mistakes on consumer credit reports within 30 days after a discrepancy is reported. The new agency will work with bureaus to make sure this law is being followed, says the news source. There are several ways that credit bureau workers can help consumers with their reports. A recent study by Coupon Cabin found that almost half of Americans do not know their own credit scores. Many individuals might be confused when they receive their reports. Bureau workers can help them by explaining what impacts a credit score, states TransUnion. Payment history, credit accounts and any negative credit are things workers should discuss with consumers in terms of how it affects a score.