The CFPB emphasized that if a consumer has a problem with his or her credit report, which tracks credit history and ability to repay on things like car payments and credit cards bills, he or she should first approach the reporting agency producing the report. If that approach fails to yield the desired result, consumers can now turn to the CFPB for assistance. The CFPB can help a consumer clear up incorrect information on a credit report or an improper use of a report, or if a consumer is unable to get a copy of his or her credit score or report.
The bureau already fields consumer complaints tied to credit cards, mortgages, bank accounts, consumer loans and private student loans.
In September, the CFPB released a study that found that when a consumer requested his or her credit score, 20 percent of the time, he or she received a different score than the one provided to creditors. The bureau now directly supervises larger reporting agencies — those with more than $7 million in annual receipts — that account for over 94 percent of the market.