Credit bureaus to get new scrutiny - KPLC 7 News, Lake Charles, Louisiana

Credit bureaus to get new scrutiny

When all that Wall Street reform legislation was in the works in Washington D.C., maybe you wondered, what's in it for me? Well, if you have you ever suffered because of bad information on a credit report and had tremendous difficulty trying to get it removed or corrected you'll be happy to know finally, someone is going to start scrutinizing the country's three major credit bureaus. 

Starting September 30th, the Consumer Financial Protection Bureau will start monitoring the country's big credit bureaus and conduct on-site examinations to see if these companies are complying with the law. It's similar to what the CFPB already does with the nation's big banks.

Consumer advocates say it's the first time the federal government will actively work to clean up an industry that has a reputation for sloppiness and arrogance.

Getting a credit bureau to fix an error on your credit report can be exasperating for consumers who feel like they are David and the credit reporting companies are Goliath.

Most Americans require credit to make big purchases in life whether it 's a home or a new car. And in order to get a decent interest rate, you have to have a good credit score. But what if your credit score takes a hit through no fault of your own. Mike Fraser with Progressive Moorage has a client right now who may not get her home loan because a collection agency sold a debt. "So the company they sold it to, by the time they processed it in March of 2012, it showed as a late on her credit report. Well one late like that on a credit report can pull your score down 100 points," said Fraser.

As a mortgage broker, Fraser makes a career out of helping people achieve the American dream of home ownership. And he knows first hand it's often futile to get a credit reporting agency to fix an error repair a report. "You call and you call and you call and nothing ever happens. Well, yeah, we're going to take care of that for you and nothing happens. Honest, hard working people, at a certain point, after trying to get this done for a year or get in touch with somebody or somebody to help them. I mean they get to a certain point and they just give up," said Fraser.

He's optimistic the new scrutiny by the Consumer Financial Protection Bureau will help make sure it works the way it should for consumers and lenders. "Now what they're going to do with all these complaints, this bureau is going to file all these complaints and they're going to have to answer them. And maybe, it will shorten the amount of time, if someone has a credit issue, and we can help them repair their credit and it won't take so long," said Fraser.

The bureau is expected to enforce laws already on the books and write new ones as needed.

Starting September 30, the bureau will monitor the country's big credit bureaus and do on-site examinations to see if they comply with the law. For links to the agency and how to make complaints click here.

Copyright 2012 KPLC All rights reserved

  • More Local NewsNewsMore>>

  • Jurors watch confession video in trial of Johnnie Hardman

    Jurors watch confession video in trial of Johnnie Hardman

    Wednesday, May 23 2018 8:54 PM EDT2018-05-24 00:54:06 GMT
    Johnnie Hardman (Source: KPLC)Johnnie Hardman (Source: KPLC)

    Jurors heard from a man who was robbed at the Twelve Palms RV Park the day that Joshua Touchet was shot and died.

    Witness Clinton Curtice told how there were three men and that one approached him with a handgun and demanded money.  Curtice identified that man as Johnnie Hardman. Hardman is on trial on a charge of first degree-murder.

    More >>

    Jurors heard from a man who was robbed at the Twelve Palms RV Park the day that Joshua Touchet was shot and died.

    Witness Clinton Curtice told how there were three men and that one approached him with a handgun and demanded money.  Curtice identified that man as Johnnie Hardman. Hardman is on trial on a charge of first degree-murder.

    More >>
  • Invest 90L likely poses little to no threat to SWLA

    Invest 90L likely poses little to no threat to SWLA

    Invest 90L likely poses little to no threat to SWLA

    Wednesday, May 23 2018 7:25 PM EDT2018-05-23 23:25:07 GMT
    Monitoring the Gulf for any developmentMonitoring the Gulf for any development

    The National Hurricane Center continues to highlight an area in Gulf of Mexico for potential tropical development over the next five days. This area to watch is currently located south of the Yucatan Peninsula and strong wind shear will keep this area at a 0% chance of development over the next couple of days before increasing late-week and weekend as it pushes into the Gulf of Mexico.

    More >>

    The National Hurricane Center continues to highlight an area in Gulf of Mexico for potential tropical development over the next five days. This area to watch is currently located south of the Yucatan Peninsula and strong wind shear will keep this area at a 0% chance of development over the next couple of days before increasing late-week and weekend as it pushes into the Gulf of Mexico.

    More >>
  • Proposed financial incentive for finishing I-210 bridge repair project early

    Proposed financial incentive for finishing I-210 bridge repair project early

    Wednesday, May 23 2018 7:04 PM EDT2018-05-23 23:04:35 GMT
    (Source: Monsour’s Photography)(Source: Monsour’s Photography)
    (Source: Monsour’s Photography)(Source: Monsour’s Photography)

    Lake area motorists could be in for long-term delays when the repair project begins on the I-210.  Now there's talk of reducing the impact, by offering financial incentives to finish the project early. According to a news release, The Calcasieu Parish Gaming Revenue District will meet Friday to discuss the proposed local financial incentive for the early completion of the project by the Louisiana Department of Transportation and Development.. The meeting will start at 9:0...

    More >>

    Lake area motorists could be in for long-term delays when the repair project begins on the I-210.  Now there's talk of reducing the impact, by offering financial incentives to finish the project early. According to a news release, The Calcasieu Parish Gaming Revenue District will meet Friday to discuss the proposed local financial incentive for the early completion of the project by the Louisiana Department of Transportation and Development.. The meeting will start at 9:0...

    More >>
Powered by Frankly