Wednesday, September 26, 2012 - 4:52 AM

Consumer Credit Scores Vary From What Lenders See, CFPB Says

From Bloomberg Businessweek

One in five U.S. consumers is likely to receive a credit score different from the one given to lenders, potentially closing off access to credit for millions of Americans, the Consumer Financial Protection Bureau found in a study released today.

KenBDG5,133 posts since
Nov 29, 2009
Rep Points: 116,939

1. Wednesday, September 26, 2012 - 6:57 PM

The Consumer Financial Protection Bureau (CFPB) will begin supervising the three largest credit bureaus on Sunday, September 30, 2012. Under the new rule, Equifax, Experian, TransUnion and about two dozen other companies involved in credit reporting will be subject to federal oversight.

Government:The CFPB will begin its supervision on September 30, 2012
Credit Bureaus:Equifax, Experian, TransUnion will be required to provide updated and more accurate data
Consumers: Clients will be provided with higher quality credit reports

Ricochet100 posts since
Jan 19, 2010
Rep Points: 276

2. Saturday, September 29, 2012 - 6:17 AM

This CreditCards.com article has more info on the new CFPB supervision of the credit reporting agencies. According to the article ChexSystems (which is used by banks and credit unions to check on new customers) will be another company that will fall under the CFPB's supervision.

KenBDG5,133 posts since
Nov 29, 2009
Rep Points: 116,939

3. Saturday, September 29, 2012 - 10:48 AM

Just had a hard pull for a potential refinancing and got the scores they saw: the Transunion score was exactly what creditkarma.com reported for me that morning and that was about 40 points lower than both Experian and Equifax.

darkdreamer4u168 posts since
Jun 11, 2010
Rep Points: 596