It was announced on Monday, July 16, 2012 that the Consumer Financial Protection Bureau (CFPB) will begin oversight of the nation’s top 30 largest credit reporting agencies.  Among them are Experian Information Solutions, Inc., Equifax and TransUnion.

The CFPB wants to make sure that the reports being issued are accurate as "credit reporting is at the heart of our lending systems and enables many of us to get credit, afford a home or get an education," says CFPB head Richard Cordray.

The bureau will release a notice to consumers about the importance of checking their credit reports and what to do if there is a dispute.

The consequences for consumers and lenders are huge if the information being reported is inaccurate; clearly it’s a heartache for consumers and wrong decisions made by lenders who have been given the wrong data.

The Bureau hopes to have rules set for the credit agencies by September 30, 2012.