The Consumer Financial Protection Bureau is getting ready for a big task starting this fall: regulation of the credit reporting industry, including the Big Three, Experian, TransUnion, and Equifax. Here's an excerpt from an LA Times story on this large undertaking:
Large credit reporting companies, which are playing an increasingly important role in the financial lives of Americans, will get new federal oversight from the nation's consumer watchdog. The Consumer Financial Protection Bureau said it would begin this fall to supervise the 30 largest credit reporting companies, which account for 94% of the market's annual receipts. Among the firms are the big three: Experian Information Solutions Inc., Equifax, Inc.and TransUnion. Combined, they issue more than 3 billion consumer credit reports each year and have files on more than 200 million Americans. "Credit reporting is at the heart of our lending systems and enables many of us to get credit, afford a home or get an education," said bureau Director Richard Cordray, who will announce the oversight at a hearing on credit reporting Monday in Detroit. "Supervising this market will help ensure that it works properly for consumers, lenders and the wider economy," he said. "There is much at stake in making sure it is both fair and effective."

