According to a McClatchy Washington Bureau story, The Consumer Financial Protection Bureau announced a proposed rule “that would make the largest debt-collection agencies and credit-reporting agencies — including Experian, Equifax and Trans-Union — subject to the same oversight process that banks are.” In my opinion, all debt collectors large and small should be subject to that rule.

However, credit reporting agencies controlled by federal bureaucracies is an overreach into an area of individual privacy domain guaranteed by the Fourth Amendment of the U.S. Constitution, and should not be lumped together with other financial institutions, large or small!

A separate rule that would give constitutional protection under that amendment would be much more appropriate, because otherwise a single bureaucrat with impunity by mistake or on purpose can adversely control the financial dealings of any individual citizen!