Government Plans to Supervise Credit Reporting Agencies

MACON, Georgia- (41NBC/WMGT)- For millions of Americans, fixing errors on your credit report can be a daunting task. Now, the federal government plans to supervise credit reporting agencies to make sure they're reporting your score correctly. For the first time, consumer reporting agencies will be subject to a federal supervision program.

The Consumer Financial Protection Bureau will be in charge of the program and will supervise 30 credit reporting agencies. According to the Consumer Financial Protection Bureau, the supervision may include requiring reports, conducting examinations, and ongoing monitoring. Nicole Caldwell of the Consumer Credit Counseling Service of Middle Georgia said the new rule implemented by the government will be beneficial to consumers. 

"Consumers, now, are having a difficult time getting errors removed from their credit report. So, this should provide a streamline and uniform process for consumers," said Caldwell. 

Supervision by the government will begin on September 30th.