Credit Reporting Bureaus: Supervised

The three major credit reporting companies: Equifax, Experian and Transunion maintain files on millions of people. The files include information that directly effects credit scores, approval for loans, and interest rates offered on new credit. The type of information that the files include are credit card accounts, student loans, vehicle loans and a history of the loan payments.

Accuracy of these reports is important and can cause you thousands of dollars if these are inaccurately reported negative on your credit reports. However, ability to dispute inaccuracies can be difficult and the time it takes credit bureaus to correct inaccuracies is slow.

So if accuracy is important but corrections are not the credit bureaus top priority, then what is to be done? The Consumer Financial Protection Bureau will start closely watching these companies to ensure accuracy and quicker response to mistakes that need to be corrected.