Government to regulate credit agencies

The federal government will soon take on yet another responsibility – this time, regulating 30 of the companies that provide credit reports to American consumers.  These companies include the top three, Experian, TransUnion and Equifax.  Yet again, more government involvement in business other than national security (the government’s rightful job).

Although credit companies are required to keep meticulous records of their business practices, that was not enough for the Consumer Financial Protection Bureau, the agency that will be overseeing the new watchdog efforts.