Comment on CFPB-2012-0005-0003

The CFPB is an unchecked federal government agency that is proposing to broaden their scope beyond reasonable bounds. The addition of debt collectors and credit reporting agencies is a grab for additional power. Sure, there are collection agencies and creditors who report erroneous data to a consumer's credit report on occasion, but I feel that giving the CFPB another deeply reaching power grab is neither prudent nor productive. There are laws on the books already that protect consumers from harm with respect to accurate credit reporting (FCRA). Giving the CFPB authority to police the same issues that FCRA oversees is not at all a wise use of tax payer funds. At least FCRA's oversight agency is able to be checked: CFPB's oversight agency has no checks and balances, nor budget constraints. I recommend scaling back and putting checks and balances on the CFPB, not giving them any additional scope of authority. FCRA has the teeth required to keep credit reporting agencies and debt collectors in check. The CFPB does not need this authority.