Credit Bureau AgenciesLoan bureau agencies
On 27 January 2016, the CFPB (Consumer Financial Protection Bureau) published guidelines in its blogs which remind people of their right to receive a free copy of their reports. There is a hyperlink to an up-to-date listing of businesses that provide reports on user stories. These lists contain the name of the firm and details of contacts for the three biggest national reporter of consumption and for a number of specialist reporter by subject area (e.g. occupation, lessee, bank, sub-prime, insurer, medicine).
There is also other useful information for users, such as advice on which technical reviews should be reviewed by users according to their particular circumstances and which firms offer free credit checks. CFPB's consumer-friendly article then deviates from the course with the following comments: Previously, in this inventory, undertakings providing coverage to customers were described as "agencies" or "offices".
Most of these are privately owned enterprises that are profit-oriented. Consumers Report Agency" is part of the Fair Credit Report Act (FCRA). It has been used throughout the entire FCR and since the adoption of the FCR in 1970. It is also used in the V ordinance as issued by the CFPB.
There is no clear reason why the CFPB has decided to announce its new stance on the use of this term in a post on its website. The concepts of "consumer reporting" and "credit bureau", however, are so rooted in the sector and among users that it is hard to see why the CFPB now considers them so sensitive.
A CFPB Consumers' Response Office staff member commented on the terms "agency" and "office" in a post for the consumers' own use. Consumers should check the CFPB guidelines with the word 'agency' or 'office' in the name. They do not require businesses to rename themselves, but the commentary is worrying and could be a sign of CFPB action in the area.