It has never been more important to have good credit. Lenders are being pickier than ever about giving loans to borrowers, and even if you aren’t in the market for a home or car loan, insurance companies and even prospective employers often use credit reports to set rates and make hiring decisions.
Unfortunately, understanding your credit report and the credit scores that various ratings agencies provide can be extraordinarily difficult. All too often, credit reports and scores are based on erroneous information, but it can be intimidating to try to go up against big credit-rating bureaus to get those errors fixed.
You’re Not Alone
Now, though, you have a friend in your corner. The Consumer Financial Protection Bureau recently announced that in September, it will start supervising the credit reporting companies that collect and provide information about your credit.
As CFPB Director Richard Cordray said earlier this month, “[T]he credit reporting market is not one where consumers can shop around among different providers, for people have no choice about whether to have any of the credit reporting companies keep track of……………. continues on DailyFinance