Jeff Horwich: Have you ever checked your credit score, and become horrified that they messed up: they missed a bill you actually paid, or they confused you for someone else? Well: the Consumer Financial Protection Bureau said this morning it will assume oversight of the credit reporting industry.
From Washington, here’s Marketplace’s Scott Tong.
Scott Tong: The consumer protection agency plans to visit the credit reporting bureaus, and focus on their accuracy. A small error matters, because the credit industry issues three billion credit reports every year.
Chi Chi Wu is with the National Consumer Law Center.
Chi Chi Wu: Credit reports stand as the gatekeeper to whether a consumer gets affordable credit, getting a job, or getting insurance or an apartment.
Here’s the problem: Many think the system allows Joe Schmo to get mixed up with Joel Schmo.
Evan Hendricks is author of “Credit Scores and Credit Reports.”
Evan Hendricks: You can have six of the same nine digits in a social security number and have similarities in your first name. And that can cause a mixed file.
He says it’s also hard to fix a report. Say you’ve paid a bill and tell the hospital or debt collector, they decide what to tell the credit bureau, because the credit bureau pays them.
In Washington, I’m Scott Tong for Marketplace.
As a nonprofit news organization, our future depends on listeners like you who believe in the power of public service journalism.
Your investment in Marketplace helps us remain paywall-free and ensures everyone has access to trustworthy, unbiased news and information, regardless of their ability to pay.
Donate today — in any amount — to become a Marketplace Investor. Now more than ever, your commitment makes a difference.