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Detroiters
shares
thoughts
and
concerns
with
Consumer
Financial
Protection
Bureau
By
Krystal
Conway/
Tell Us
Detroit
DETROIT
(Tell Us
Det) -
The
Consumer
Financial
Protection
Bureau
held a
field
hearing
on
credit
reporting
at the
Detroit
Institute
of Arts.
Richard
Corday
the
director
of the
Consumer
Financial
Protection
Bureau
was in
attendance
and
further
explained
the
Consumer
Bureau
issuing
a new
regulation
to
expand
supervision
programs
to
oversee
credit
reporting
companies.
The
Consumer
Bureau
announced
the
supervision
that
will
take
place
over the
credit
reporting
companies
that are
larger
participants
in the
marketplace.
Deputy
of CFPB,
Raj
Date, in
attendance
as well,
briefed
on
consumers
protection
against
major
credit
discrimination
acts.
The
credit
companies
have
never
had
strict
federal
supervision
and
starting
this
September
the CFPB
will
monitor
and
examine
them
similar
to how
they
monitor
the big
banks.
The
floor
was open
to the
public
as
people
shared
their
personal
testimonials
with
credit
discrimination
acts
such as
victims
of
identity
theft
and loan
discrimination.
Frank
Deyoub,
a 35
year old
resident
of Royal
Oak
Michigan
was a
victim
of
identity
theft
voicing
his
opinion
in front
of the
Bureau.
"I
didn't
know I
was a
victim
of
identity
theft
until
the repo
man came
to my
house
trying
to tow a
Chevy
Tahoe
that I
didn't
even
own."
"I'm
here
today to
let the
panelist
know
that
this is
real and
there
are many
inaccuracies
in the
system."
Many
citizens
voiced
there
opinion
in hopes
that the
Consumer
Financial
Protection
Bureau
will
help
improve
the
credibility
of the
credit
companies.
The
Consumer
Financial
Protection
Bureau's
commitment
is to
step
away
from
Washington
D.C.,
and
engage
with
everyday
people
in
communities
across
America.
The CFPB
has been
running
for one
year in
efforts
to help
make
markets
for
consumers
and
industry.
Panelist
and
citizens
of
Detroit
walked
away
with
more
knowledge
and
insight
on both
ends of
the
spectrum.
Consumers
need to
constantly
protect
themselves
against
credit
companies.
For
instance,
managing
their
own
credit
and
checking
their
credit
score at
least
once a
year on
www.annualreport.com.
Free
annual
credit
report.
In 2003,
Congress
amended
the Fair
Credit
Reporting
Act to
require
nationwide
consumer
reporting
agencies
to
provide
consumers,
on
request,
with
copies
of their
credit
reports
for free
once a
year.
The
three
nationwide
credit
reporting
companies
developed
a shared
website,
www.annualcreditreport.com,
where
consumers
can
obtain
their
free
annual
reports
from
each of
the
companies.
Consumers
can also
obtain
their
free
annual
reports
by
calling
1‐877‐322‐8228.
For more
information
about
CFPB and
their
efforts
visit:
www.consumerfinance.gov
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