CFPB and State Attorneys General Checking Credit Reports
A group of state attorneys general, led by Ohio’s Mike DeWine, are planning to attack credit report agencies and mistakes made in credit reports.
Attorneys General have a long history of going after industries, which, in their opinion, harm consumers. In 1998, they won settlements against big tobacco, a big drug manufacturer in 2006, and in a landmark $25 billion settlement, the country’s largest, with mortgage servicers earlier this year. DeWine states that problems with credit-reporting are a “shocking mess. We’re not going to let this die. These agencies hide by responding to the attorneys general and nobody else. The ultimate club is the Fair Credit Reporting Act. The AGs have authority to file a lawsuit under that act. That ultimately could happen.”