Consumer protection superagency created

Consumer access to their own information
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Few things are more frustrating than a bank or credit card company having information on you that you have to pay to see, or worse, aren't allowed to see at all. The legislation takes steps to ensure that consumers have the power to access these financial reports free of charge:

Transaction history. If you've done business with a financial institution and it has a record of it, the company must furnish it to you in a usable electronic form.

Credit score. In the past, the Fair Credit Reporting Act required credit bureaus to give you a free copy of your credit report annually. The Consumer Financial Protection Bureau pushes things a step further. A creditor that takes an adverse action such as increasing interest rates because of a change in your credit score will have to provide that score to the consumer free of charge.

Costs, charges and fees. The bureau will make sure banks and credit card companies give you a clear breakdown of any fees they've tacked on to your debts.

The act also gives the bureau the authority to make sure banks respond to consumer requests for their information in a "timely manner."




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