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The announcement Monday wasn't a total surprise, according to industry observers, because the CFPB had hinted earlier this year that it was considering supervising the industry. Gerry Tschopp, a spokesman for Experian, said the government already oversees the industry, because the Federal Trade Commission has been responsible for enforcing the Fair Credit Reporting Act since it became law in 1970. "We're not a stranger to regulation," he said. "We've been regulated for four-plus decades." Tschopp said he had "no concerns" about the agency's oversight. A statement from Experian said the company and the CFPB both shared the goal of helping consumers get "access to fair and affordable credit." Banks and other lenders use credit scores to measure eligibility for mortgages, credit cards and a wide variety of other consumer loans. Some landlords check them to screen prospective renters, and some companies check credit reports
-- but not scores- before hiring a new employee. Low scores or problematic credit histories can mean higher interest rates or rejected applications. There have been thousands of complaints about credit reports from consumers who claim they are unsuccessful
in getting credit reporting agencies to correct inaccurate information. The protection bureau will start regulating the industry after the new rule takes effect on Sept. 30.
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