Three ways the Consumer Financial Protection Bureau impacts your business
As the Consumer Financial Protection Bureau (CFPB) continues to evolve, it is clear that the new regulatory agency will have unprecedented powers and a broad reach across industries. While questions still remain about how the CFPB will operate, there are a few ways companies should expect the CFPB to impact their business.
Although we are uncertain what regulatory actions the CFPB will take until it receives full regulatory and enforcement authority on July 21, it is important for covered entities to continue to comply with current law and to strive to follow industry best practices. In addition, it is critical for companies to demonstrate that they have taken steps to increase consumer credit education and the transparency of credit scores, as the CFPB has signaled that this will be at the top of its agenda.
In response to our clients’ need for increased consumer education, we would like to introduce Experian Credit EducatorSM, a consumer credit education service where consumers are able to talk to an Experian credit professional agent and review a copy of their credit report along with their VantageScore®. Consumers will learn the answers to the following questions: What’s in a credit report? How does credit affect my financial situation? How do I manage my credit to positively impact my financial situation?
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