This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

Top Credit Card Stories of 2012

Stocks in this article: AXPDFSCOFMAV

5. Monitoring of credit bureaus
The Consumer Financial Protection Bureau is now monitoring credit bureaus to bring transparency and public accountability to credit reporting agencies. This fall, it began monitoring more than 30 of the country's biggest credit bureaus to investigate if they were following the law. This is a big step for the federal government, which has never had widespread access to information about the credit reporting industry. The CFPB will also have oversight over specialty credit reporting companies, including those that focus on payday loans, resell credit reports and analyze credit report information. According to the CFPB, each of the three biggest credit reporting companies maintain files on an estimated 200 million Americans gathered from more than 10,000 providers of information. Approximately 3 billion credit reports are issued annually and more than 36 billion updates are made to consumer credit files.

6. The impact of the CFPB
Cracking down on deceptive telemarketing practices and monitoring credit bureaus shows the power and impact of the Consumer Financial Protection Bureau. Formed July 21, 2011, the young agency has made strides to help consumers in various ways.

In October, the CFPB proposed a rule to make it easier for stay-at-home spouses to get a credit card by allowing them to rely on shared income when applying for a credit card account, rather than individual income.

In June, the CFPB created a database to take credit card complaints and made this information public, showing which issuers have had the most complaints on their cards and how specific complaints were ultimately handled. The data are searchable by company, consumer ZIP code and type of complaint. Before this, there was no way for consumers to see the complaints or response rate when comparing credit card issuers.

The CFPB reviews each complaint and forwards ones that meet its criteria to the appropriate company for review and resolution. Companies have 15 days to provide a response to each consumer complaint, and most are expected to be resolved and closed within 60 days. The filer can track the progress of a complaint and dispute the resolution provided by the financial institution. If the CFPB finds possible legal violations, it will work with other parts of the bureau to deal with the potential violation. The database does not include private information.

3 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,827.75 +12.81 0.07%
S&P 500 2,072.83 +5.80 0.28%
NASDAQ 4,787.3170 +29.0650 0.61%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs