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I saw a little blurb that President Biden might be in favor of taking credit reporting work away from the big 3, and transferring that work to a branch of a federal agency (I think I saw Consumer Affairs, or Consumer Protection, or some such bureau name in the write up.

The proposal was one of things mentioned in his campaign that was touted to help correct the issue of increasing wealth inequality. And the agency mentioned was the CFPB - Consumer Financial Protection Bureau.

I wonder how true that is, and if it might really happen?

Well, there was a think tank study on it https://www.demos.org/sites/default/files/2019-03/Credit%20R... which is how new policies often start. But there are think tank studies on lots of things that never happen. So, I guess we'll just have to watch and see.

AJ
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Not something I've ever heard of.

Fuskie
Who does think it probable that the CFPB might take a closer look at the industry and propose better protections for consumers...

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A google search brought up a bunch of links, most from sites I'm not familiar with. Here is the one from yahoo finance:


https://finance.yahoo.com/news/biden-wants-shut-down-credit-...
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No. of Recommendations: 1
I saw a little blurb that President Biden might be in favor of taking credit reporting work away from the big 3, and transferring that work to a branch of a federal agency (I think I saw Consumer Affairs, or Consumer Protection, or some such bureau name in the write up.

The proposal was one of things mentioned in his campaign that was touted to help correct the issue of increasing wealth inequality. And the agency mentioned was the CFPB - Consumer Financial Protection Bureau.

I wonder how true that is, and if it might really happen?

Well, there was a think tank study on it https://www.demos.org/sites/default/files/2019-03/Credit%20R... which is how new policies often start. But there are think tank studies on lots of things that never happen. So, I guess we'll just have to watch and see.

AJ
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