NEW YORK (AP) - For the first time, companies that issue credit scores for millions of consumers which determine their credit-worthiness will be under government oversight.
The Consumer Financial Protection Bureau will supervise roughly 30 firms that make up 94 percent of the industry. That includes the three big credit reporting firms: Equifax Inc., Experian and TransUnion.
Director Richard Cordray said Monday that given the huge impact on consumers' lives, it is important to ensure that the credit market is working properly.
There have been thousands of complaints about the ratings bureaus by consumers who say they can't correct what they say is inaccurate information contained within credit reports.
The protection bureau will start regulating the industry in October.