Detroiters share thoughts and concerns w/ @CFPB Consumer Financial Protection Bureau #TellUsDetroit #CreditReporting

The Consumer Financial Protection Bureau’s commitment is to step away from Washington D.C., and engage with everyday people in communities across America. The CFPB has been running for one year in efforts to help make markets for consumers and industry. (Photo by Scott Sullivan/Tell Us Detroit)

By Krystal Conway/ Tell Us Detroit 

DETROIT (Tell Us Det) – The Consumer Financial Protection Bureau held a field hearing on credit reporting at the Detroit Institute of Arts. Richard Corday the director of the Consumer Financial Protection Bureau was in attendance and further explained the Consumer Bureau issuing a new regulation to expand supervision programs to oversee credit reporting companies.

The Consumer Bureau announced the supervision that will take place over the credit reporting companies that are larger participants in the marketplace. Deputy of CFPB, Raj Date, in attendance as well, briefed on consumers protection against major credit discrimination acts. The credit companies have never had strict federal supervision and starting this September the CFPB will monitor and examine them similar to how they monitor the big banks.

The floor was open to the public as people shared their personal testimonials with credit discrimination acts such as victims of identity theft and loan discrimination. Frank Deyoub, a 35 year old resident of Royal Oak Michigan was a victim of identity theft voicing his opinion in front of the Bureau. “I didn’t know I was a victim of identity theft until the repo man came to my house trying to tow a Chevy Tahoe that I didn’t even own.” “I’m here today to let the panelist know that this is real and there are many inaccuracies in the system.” Many citizens voiced there opinion in hopes that the Consumer Financial Protection Bureau will help improve the credibility of the credit companies.

The Consumer Financial Protection Bureau’s commitment is to step away from Washington D.C., and engage with everyday people in communities across America. The CFPB has been running for one year in efforts to help make markets for consumers and industry. (Photo by Scott Sullivan/Tell Us Detroit)

The Consumer Financial Protection Bureau’s commitment is to step away from Washington D.C., and engage with everyday people in communities across America. The CFPB has been running for one year in efforts to help make markets for consumers and industry. Panelist and citizens of Detroit walked away with more knowledge and insight on both ends of the spectrum. Consumers need to constantly protect themselves against credit companies. For instance, managing their own credit and checking their credit score at least once a year on www.annualreport.com.

Free annual credit report. In 2003, Congress amended the Fair Credit Reporting Act to require nationwide consumer reporting agencies to provide consumers, on request, with copies of their credit reports for free once a year. The three nationwide credit reporting companies developed a shared website, www.annualcreditreport.com, where consumers can obtain their free annual reports from each of the companies. Consumers can also obtain their free annual reports by calling 1‐877‐322‐8228.

For more information about CFPB and their efforts visit: www.consumerfinance.gov

 

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