The Federal Trade Commission has released a study of the U.S. credit reporting industry. The study found that 5% of consumers had errors on one of their three major credit reports that could result in less favorable borrowing terms; that one in five consumers had errors on at least one of their three credit reports, and; one in five consumers had an error that was corrected by a credit reporting agency after it was disputed. The study was mandated by Congress.
In July 2012, the CFPB adopted a rule to begin supervising large consumer reporting agencies. The CFPB also released a credit score study, a report in the differences between the credit scores sold to consumers and the scores used by lenders when making loan decisions. The report was mandated by the Dodd-Frank Act.