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Obama's Consumer Watchdog Set to Help Credit Scores

Share: men's lifestyle and finance magazine remarks about the new reform added by the Consumer Financial Protection Bureau that will allow consumers to go directly to the government with inaccuracies on credit reports

Washington, D.C. (PRWEB) October 30, 2012 men's lifestyle and finance magazine today released their observations regarding the federal government's consumer watchdog rolling out a new initiative this month aimed at aiding consumers in fixing erroneous data on credit reports.'s take on the new reform may serve to raise awareness about the new service so that consumers may take advantage of it.

The United Press International (UPI) recently reported that in an internet and press speech given by President Obama on Saturday, the President publicized the news that a previous Wall Street reform was being altered to include protecting consumers from errors on their credit reports. According to the article, the Consumer Watchdog initiative was established as part of the Wall Street reform in an effort to supply Americans with information necessary for making financial decisions and now has added a reform that will also allow consumers to get credit score assistance. The President is quoted saying, “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." supports the new change, and urges its readers to take advantage of the new policy.'s Senior staff writer is quoted as saying, “In my eyes, the more outlets there are for people to turn to when something goes wrong with their credit, the better! There are certainly ways to dispute errors on a credit report online or over the phone with the credit bureau itself, and I'm not putting those down. But if I found a mistake on my report that was dragging my score down, you can bet I'd be utilizing as many channels as I could to get it corrected swiftly, including reporting it to the government. I'm glad that now we as consumers have that opportunity.”

In the above-mentioned article, President Obama stated that the new independent Consumer Watchdog will act as an outlet for consumers to turn to in the event they find mistakes on their credit report. The President is quoted as saying, "Until this week, if you had a complaint [about your credit score], 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 and let the consumer watchdog know." is excited for the change, and hopes it will make the process easier for consumers to correct credit report gaffes in the future.'s Senior staff writer is quoted as saying, “Regardless of who you are voting for next week, you've gotta admit… it's nice to have an entire federal government bureau looking out for us as consumers and trying to provide us with as much financial information as they can so we don't mess up and make dumb financial mistakes. I like that. I can get behind that.”

In the above-mentioned UPI article, the President explains why the Consumer Financial Protection Bureau is so important to Americans. He states, “If you're opening a bank account, trying to get a student loan, or applying for a credit card and something doesn't seem right, you can let them know and they'll check it out. If you're looking to buy a home, and you want to know if you're getting a fair deal on your mortgage, you can give them a call and they'll get you an answer. Their only mission is to fight for you. And when needed, they'll take action.”

About is an online men's lifestyle and finance magazine that doles out advice on mens fashion, dating, and hot spots to dine. is directed at successful male readers in their 30's and 40's who tend to set and accomplish high goals for themselves time and time again.'s magazine features articles about hot chicks, real estate, luxury vacations, and personal finance advice like how to protect against identity theft. is owned and operated by Purpose Inc.

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