During remarks given at a recent Consumer Advisory Board meeting, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray discussed the "tremendous and growing influence" that credit scores have over consumers' lives, describing the duty to assure that "such personal financial information is updated timely and accurately, and that it is maintained securely" as a critical responsibility. In addition to accepting consumer complaints and helping consumers to "get their issues addressed," the CFPB is also now exercising supervisory authority over "companies that account for 90 percent of the annual receipts in [the credit reporting] market." It also moved the three major credit reporting companies to upgrade its system for communicating consumer disputes to allow consumers to upload relevant documents. For more, read the full remarks.
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