Consumerist At The White House, Part III: Regulating Credit Bureaus

Here’s a question a lot of you asked: How will the proposed Consumer Financial Protection Agency deal with credit-report agencies like Equifax and TransUnion. Jump in for the answer from Diana Farrell, Deputy Director of the National Economic Council.

And for those of you who asked, yes, transcripts are coming.

PREVIOUSLY:
Consumerist Takes Your Financial Reform Questions To The White House
Consumerist Takes Your Financial Reform Questions To The White House, Part II

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  1. Skaperen says:

    How about a link to the raw video file, too? Or are you guys afraid we’re going to seed it onto torrent?

  2. jpmoney says:

    Can someone point me to some *details* about how they will be involved and/or how they will be changed?

    It really bothers me that a oligopoly is doing much more than they were designed to. The scores, which we do not have full disclosure of, impact entirely too many facets of our lives to be as unregulated as they are.

    I agree that they should be involved.

  3. Trai_Dep says:

    Still no floating Earl Tigré?!
    What GIVES?!

  4. Munchie says:

    Credit reporting agencies need regulatory accountability. Without consumer money being at stake there is no accountability to the persons being reported on (aka exploited). Only to the businesses purchasing access to the reports.

    I wish we had a system like in Europe where all personal data is considered your property and can’t be resold without your explicit consent. I would settle for imposed fines for not being responsive to correcting errors on reports and have a dispute resolution process that is equitable to all parties involved.

    • bohemian says:

      @Munchie: Tell me more about the EU system. That is along the lines of what I have been saying for a while, your data should belong to you. If Europe is already doing something like that it would be much easier to pass a similar law here. Theirs is already written and it would put the US on par with how Europe handles this issue making global business and other issues more streamlined.

    • gumby101 says:

      @Munchie: I agree.

      What’s taking us so long?

      I mean, SERIOUSLY!

      Bye.

  5. humphrmi says:

    Here is the kicker – after the shoplifter slashed at the security guard’s face and then took off running, another bystander got involved:

    Customer Franchesca J. Marie told authorities she followed Ash into the parking lot from inside her car. She told him to stop and to put down the knife, which officials say she then picked up and threw in the middle of the road.

    No wonder the guy was fired, a customer disarmed the perp simply by asking him nicely to put down his knife.

    Maybe Wal Mart can learn something from this.

  6. Buffet says:

    It’s little wonder that there’s a Class action suit against these companies right now! The Case No. is: 05-cv-1070 DOC (MLGx), January 11, 2010. These organizations are cowards, liars and criminals, and it’s time they were made accountable for their actions.

  7. RoosterCockburn says:

    Shame for using a plastic water bottle, and a tiny one at that.

    In other news, Meg’s still hot!