How to Get Rid of Your Credit Report on Credit Reports
Posted On June 20, 2021
By Brian LameyPosted May 09, 2018 09:09:52The Federal Trade Commission (FTC) has begun requiring credit reports on the credit histories of consumers to be updated, the Consumer Financial Protection Bureau (CFPB) said in a press release Wednesday.
This move is aimed at protecting consumers and will help the agency identify potential problems with credit reporting and ensure consumers have access to the information they need.
According to the CFPB, it is necessary to update consumer credit reports to make sure consumers have the most accurate information possible.
The new rules are intended to help consumers with limited access to credit and prevent fraud.
The Federal Reserve has been required to update credit reports since 2007, but the agency has been limited to issuing a single update every five years.
In 2016, the Federal Reserve stopped updating credit reports after nearly a year.
The new rule means the FTC will now update the credit reports of all credit scores for the consumer and will require credit report companies to provide the updated information to the FTC within 90 days of the date of the rule change.
This means that consumers will not need to go to a credit reporting agency or submit a request for a new credit report.
The change is designed to help protect consumers and prevent fraudulent activity, according to the press release.
The move comes as Congress has been struggling with the issue of financial fraud and fraudsters are increasingly able to access consumers’ credit information through the use of automated credit reporting services.