Tabs

Bank/Thrift Supervision   |    Capital    |    CFPB    |    Deposit Insurance    |    Interchange    |    Mortgage Finance
Municipal Advisors   |    OCC-OTS Merger   |    Preemption    |    QM - QRM    |    Swaps   |    Volcker Rule    |    Full Topics List
 
Qualified Mortgage - Qualified Residential Mortgage
Swaps
Consumer Financial Protection Bureau - CFPB
Bank/Thrift Holding Company Supervision
Capital
Deposit Insurance
Interchange
Mortgage Finance
Municipal Advisors
OCC-OTS Merger
Preemption
Volcker Rule
Corporate Governance
Financial Stability Oversight Council (FSOC)
Appraisals
Office of Financial Research (OFR)
Systemic Risk
Supervision and Oversight
Payment, Clearing and Settlement
Prudential Supervision
Trust & Securities
Asset-Backed Securities
Resolution Authority

Tuesday, February 12, 2013

FTC Reports on Credit Reporting Industry

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.

Read more.

No comments:

Post a Comment

Please read our comment policy before making a comment.