WASHINGTON, Oct. 27 (UPI) — U.S. President Barack Obama said the government’s Consumer Financial Protection Bureau will look out for working families and make everyone play by the same rules.
The consumer watchdog was established as part of Wall Street reform to make sure Americans have the information they need to make financial decisions such as paying for college or buying a home, Obama said in his weekly radio and Internet address.
The agency will go after “anyone who tries to take advantage of you, or rip you off,” the president said.
“Starting this month, that includes the folks who come up with your credit score. … The companies that put your credit score together can make mistakes. They may think you had a loan or a credit card that was never yours. They may think you were late making payments when you were on time. And when they mess up, you’re the one who suffers,” Obama said.
“Until this week, if you had a complaint, you took it to the company. Sometimes they listened. Sometimes they didn’t. But that was pretty much it. They were your only real hope.
“Not anymore. If you have a complaint about your credit score that hasn’t been properly addressed, you can go to consumerfinance.gov/complaint and let the consumer watchdog know.”