The US consumer finance watchdog wants to redefine 'big' credit reporting companies

The US consumer finance watchdog is considering changing how it defines "larger participants" in the credit reporting market. This could bring more companies under direct federal oversight, affecting how they operate and what data they collect.

For over a decade, the rules about which credit reporting companies the US consumer finance watchdog could directly supervise have been fixed. This proposal means the agency might expand its reach to more companies, including those that collect data on things like rent payments or utility bills. This could change how a lot of personal financial data is handled and who is accountable for it.