Regulating those who report credit scores

Did you ever get a credit report to check your score? Many of us have done that and gotten a score from one of the three big credit reporting agencies. Well, now the federal government is going to start regulating these credit reporting agencies. The consumer agency set up under the Dodd Frank law announced today that it would begin regulating the credit reporting companies in just a few months.

So here is the question: what will regulation of these companies include? No one knows for sure. In fact, even the government agency that announced it would start such regulation was at a loss to describe what the was to be regulated. There are no major problems with these reporting agencies. They are not perfect, but they seem to function well and without too many complaints. Why do we need a bunch of Washington bureaucrats to suddenly regulate these companies? All that will happen is that it will become more expensive for these folks to do business and the cost of getting a report will rise. I guess is it just your tax dollars at work destroying the economy.