Comment on CFPB-2012-0005-0003

I am a concerned citizen, and I agree that debt collection agencies and credit reporting agencies should be included as Larger Participants for oversight by the Consumer Financial Protection Bureau. Credit reporting agencies have tremendous power over individual consumers, and yet they make many mistakes and are notoriously difficult to deal with. I had my identity stolen in 2005 and was only able to remove the incorrect information from my credit report with two of the three large credit reporting agencies (the third one would not allow me to speak to a human being without paying them for a package of products they offer.) I am taking out a home loan currently, and there are numerous discrepencies and mistakes on my credit reports- interestingly, different mistakes in each of the three of them- which fortunately do not impact my credit very much. Other consumers are less fortunate. It is essential that the CFPB has oversight over the erratic and damaging behavior of the credit reporting agencies. Similarly, debt collecting agencies are notorious for harassing and illegal behavior, and usually escape with no punishment or small fines. There should be government oversight to reduce corruption and illegal behavior on the part of these companies, which have a great deal of power over ordinary citizens' lives.