Credit reporting agencies get consumer bureau oversight

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While there are about 400 consumer reporting agencies across the United States, the rule adopted by the CFPB will apply to about 30 companies that pull in over $7 million in receipts per year and account for roughly 94 percent of the market. 

Before the creation of the CFPB, federal oversight of consumer reporting agencies was limited to a law enforcement capacity, and any rule-writing at the federal level was spread across multiple agencies.

The new rules will take effect Sept. 30.