Credit reporting agencies get consumer bureau oversight

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.