How Will the CFPB Affect Your Credit?
Did you know that at least 85% of credit reports in the United States have errors? Do you understand what those errors mean to you? Well, most of us don't know the whole story. The three major credit bureaus, Experian, TransUnion, and CSC/Equifax, are the main repositories of data that is reported about your credit habits by your creditors. The creditors have no obligation to report your relationship to them to the bureaus. Because of this, one creditor may not report at all (it costs money to report), one creditor may only report to one bureau, another two bureaus, and another reports to all three. Because of this circumstance, none of us has accurate information reported. Add the fact that errors are likely when billions of transactions occur every year, and none of us has any hope for a pristine file.
For the past many years, the Federal Trade Commission has been the watchdog of the industry. But they are so huge that their focus has been on protecting the public from unscrupulous credit repair companies, and not much has been done to solve the problems of credit cleanup. Enter the Consumer Financial Protection Bureau, which now claims oversight for the bureaus…which may or may not be challenged by the FTC sometime in the future. The CFPB has laid out a plan, at least initially. They are seeking input from consumers, consumer groups, and the industry leaders in credit repair to offer problems and solutions. After that review, we shall see what they intend to do. Given how slowly a bureaucracy functions, however, and it may still be years before anything helpful to consumers is achieved.
In the meantime, you can be working on getting rid of the damaging negatives that may be on your particular report, and artificially lowering your credit score. A seasoned credit restoration firm, with a proven track record, can assist you determine what can be removed. Removal of negatives equals improvement in scores…it's as simple as that! However, there are many other ways that your credit scores can be improved as well. Why not seek out the help of a professional firm today? For more information, CLICK HERE.