On September 25, 2012, the Consumer Financial Protection Bureau (CFPB) released the results of its study of credit scores, just 5 days before the CFPB will begin supervising credit-reporting companies.
The CFPB study found:
- One out of five consumers would likely receive a meaningfully different score than would a creditor.
- Score discrepancies may generate consumer harm.
- Consumers unlikely to know about score discrepancies.
The CFPB recommends that consumers consider the following in evaluating credit scores they receive:
- Shop around for credit.
- Check the credit report for accuracy and dispute errors.
The CFPB will begin supervising consumer reporting agencies, approximately 30, that account for about 94% of the entire market's. CFPB examiners will be looking to verify that consumer reporting companies are complying with federal consumer financial law, including that the companies are using and providing accurate information, handling consumer disputes, making disclosures available, and preventing fraud and identity theft.
The CFPB's Press Release and Study can be found:
- Press Release: Consumer Financial Protection Bureau Study Finds Credit Scores Used by Consumers and Lenders Can Differ
- Study: Analysis of Differences between Consumer- and Creditor-Purchased Credit Scores
On September 25, 2012, the Consumer Financial Protection Bureau (CFPB) released the results of its study of credit scores, just 5 days before the CFPB will begin supervising credit-reporting companies.
The CFPB study found:
- One out of five consumers would likely receive a meaningfully different score than would a creditor.
- Score discrepancies may generate consumer harm.
- Consumers unlikely to know about score discrepancies.
The CFPB recommends that consumers consider the following in evaluating credit scores they receive:
- Shop around for credit.
- Check the credit report for accuracy and dispute errors.
The CFPB will begin supervising consumer reporting agencies, approximately 30, that account for about 94% of the entire market's. CFPB examiners will be looking to verify that consumer reporting companies are complying with federal consumer financial law, including that the companies are using and providing accurate information, handling consumer disputes, making disclosures available, and preventing fraud and identity theft.
The CFPB's Press Release and Study can be found:
- Press Release: Consumer Financial Protection Bureau Study Finds Credit Scores Used by Consumers and Lenders Can Differ
- Study: Analysis of Differences between Consumer- and Creditor-Purchased Credit Scores
No comments:
Post a Comment