Are you fed up with the Big Three credit bureaus? Would you like someone to lock them up, shut them down, and throw away the key? It could happen.
In case you aren’t aware, President Biden has proposed closing these private credit bureaus and replacing them with ONE mammoth credit bureau run by the Consumer Finance Protection Bureau (CFPB).
Instead of having three credit scores, you would have only one score. (No more throwing out the lowest score and going by the middle score for a home loan.)
The CFPB’s president is appointed by the president of the United States. Each four years, the bias could change from Democrat to Republican and vice versa. How would this change the rules of scoring?
Would having one government-owned and government-run credit bureau promote fairness and equality, and prevent errors?
Would it make disputing errors more difficult? We all know how slow government agencies run compared to private enterprises.
Let’s keep our eyes on the news to see what happens. Meanwhile, I am interested in YOUR opinion. And since we’re still dealing with the Big Three, if you need help improving your credit, please see here.