Wednesday, February 13, 2013

What does the Consumer Financial Protection Bureau do?

In July 2011, as a result of the Dodd - Frank Financial Reform Bill, the U.S. Government created the federal agency Consumer Financial Protection Bureau aiming to protect consumers with regards to financial products and services and particularly from abusive debt collection agencies which in the past harassed blatantly debtors in many well documented cases where they had difficulties trying to find the appropriate entity where to complaint from notoriously illegal tactics from those agencies.

Given the CFPB recent and key role in protecting and helping consumers to learn how it works and get familiar with its rights, let's consider reviewing directly the following informational note and a very neat example it compiled as to how Consumer Reporting Agencies manage consumer data which is a key information all consumers must get familiar with:

Debt Collectors Face a New Watchdog - Businessweek

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