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If you’ve ever tried to remove inaccurate of fraudulent information from your credit report and gotten the runaround, take heart: The Consumer Financial Protection Bureau is now on the case.
In July 2012, the watchdog agency, formed as a result of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, gained authority to supervise all of the major consumer reporting agencies.
The CFPB now advocates for consumers who have complaints regarding interactions with credit bureaus and identity theft protection services. This adds to the agency’s consumer grievance oversight which already included mortgages, bank accounts, consumer loans and private student loans.
“Credit reporting companies exert great influence over the lives of consumers,” said CFPB Director Richard Cordray in announcing his agency’s new responsibility. “They help determine eligibility for loans, housing, and sometimes jobs. Consumers need an avenue of recourse when they feel they have been wronged.”
You can seek assistance from the CFPB if you have issues with:
• Incorrect information on your credit report;
• How a consumer reporting agency is handling its investigation of your complaint;
• The improper use of a credit report;
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