Consumer Financial Protection Bureau to Oversee Credit Reporting The Consumer Financial Protection Bureau is set to announce on Monday that it will begin supervising the leading credit bureaus, the companies that collect financial details of everyone's life. The credit bureaus join mortgage brokers, payday lenders and credit card companies among the institutions beyond banks that the bureau regulates. The agency itself was a creation of the sweeping Dodd-Frank financial reform law in 2010. This move is the first in a series of rule-making to define "larger participants" in the consumer financial field, the bureau said. The bureau will oversee and make rules covering about 30 credit reporting companies, representing 94 percent of the $4 billion credit reporting market. Included are the big three - Equifax, Experian and TransUnion - and any other such business with more than $7 million in annual revenue. The credit reporting companies already must abide by the Fair Credit Reporting Act and they have also been subject to Congressional oversight, but they lacked a single federal overseer, the bureau said in a statement. Supervising this market will help ensure that it works properly for consumers, lenders and the wider economy. There is much at stake in making sure it is both fair and effective," Richard Cordray, the consumer bureau's director, said in a statement. The agency will hold a field hearing on Monday in Detroit to hear from experts, industry groups and community groups on credit reports. The rule declaring its oversight of credit bureaus will be published on the bureau's site, consumerfinance.gov. Credit reports have increasing importance in consumers" lives, as they are used in many kinds of lending, by landlords in renting a property and even as a way to screen job applicants. Officials with the major credit reporting companies could not be reached Sunday. But in a blog post last week, Experian noted that the Federal Trade Commission had "vigorously" enforced the Fair Credit Reporting Act for 40 years. "Today consumers enjoy unparalleled access to fair and affordable credit, due in part to the existence of a robust, transparent and well-regulated consumer credit reporting system," an Experian executive wrote in the post. Various reports have found that between 1 percent and 25 percent of credit reports contain errors that could hurt consumers" ability to borrow. Among the common mistakes in credit reports, according to the consumer agency, are loans and credit cards the person never opened, accounts inaccurately shown as late or with incorrect credit limits, delinquency dates and Social Security numbers. The supervision of credit reporting agencies will start Sept. 30, and the bureau will begin on-site examinations after that. The bureau already is supervising loan originators, mortgage servicing companies and payday lenders.