A New Watchdog for Credit Bureaus
When it comes to credit report errors, a new federal agency has your back.
Big Brother is watching ... your finances. The three major credit-reporting companies—Equifax, Experian and TransUnion—maintain files on roughly 220 million Americans. If the information about you is not accurate, you could be forced to pay a higher interest rate, or you could be rejected for a credit card or loan.
The Consumer Financial Protection Bureau, the new federal watchdog agency, has announced that it will supervise 30 of the largest credit-reporting agencies (there are actually about 400). According to Richard Cordray, the CFPB director, the bureau will examine the accuracy of the data the agencies receive, how the companies maintain and assemble the information in consumers’ credit reports, and how the agencies manage dispute resolution.
The CFPB’s tough new oversight is welcome news. By some estimates, as many as 25% of credit reports contain errors. A yearlong investigation by the Columbus Dispatch of complaints involving credit reports on file with the big three agencies found bank-approved short sales listed as foreclosures, paid-off car loans listed as repossessions, and closed credit card accounts listed as delinquent. So you still need to be vigilant about checking your credit report. To request a free report, go to www.annualcreditreport.com. You are entitled to one free report from each of the big three once every 12 months.

Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
If you do discover an inaccuracy, write to the credit agency and be sure to enclose any supporting documentation. The agency must investigate, provide a written report and correct any errors it discovers. If that doesn’t work, contact the CFPB for help.
This article first appeared in Kiplinger's Personal Finance magazine. For more help with your personal finances and investments, please subscribe to the magazine. It might be the best investment you ever make.
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.
-
How to Invest as the AI Industry Grows Up
Here’s where to find the winners as artificial intelligence transitions from an emerging technology to an adolescent one.
-
I’m 62 and worried about Social Security’s future. Should I take it early?
A Social Security shortfall may be coming soon. We ask financial experts for guidance.
-
Amazon Resale: Where Amazon Prime Returns Become Your Online Bargains
Feature Amazon Resale products may have some imperfections, but that often leads to wildly discounted prices.
-
Roth IRA Contribution Limits for 2025
Roth IRAs Roth IRA contribution limits have gone up. Here's what you need to know.
-
Four Tips for Renting Out Your Home on Airbnb
real estate Here's what you should know before listing your home on Airbnb.
-
Five Ways to a Cheap Last-Minute Vacation
Travel It is possible to pull off a cheap last-minute vacation. Here are some tips to make it happen.
-
How Much Life Insurance Do You Need?
insurance When assessing how much life insurance you need, take a systematic approach instead of relying on rules of thumb.
-
When Is Amazon Prime Day? Everything We Know, Plus the Best Deals on Apple, Samsung and More
Amazon Prime Amazon Prime Day is four days this year. Here are the key details you need to know, plus some of our favorite deals to shop during the sale.
-
How to Shop for Life Insurance in 3 Easy Steps
insurance Shopping for life insurance? You may be able to estimate how much you need online, but that's just the start of your search.
-
Five Ways to Shop for a Low Mortgage Rate
Becoming a Homeowner Mortgage rates are high this year, but you can still find an affordable loan with these tips.