In the best credit-related news I may have ever heard, the Consumer Financial Protection Bureau has proposed that it be given the authority to oversee the activities of credit reporting agencies and, more importantly (in my book anyway), debt collectors! The Bureau announced this proposal yesterday just a few weeks after the long-awaited appointment of its first director, Richard Cordray.

As reported by The Los Angeles Times, if adopted, the proposed new rule would give the CFPB the ability to review the books of credit reporting agencies that have more than $7 million in annual receipts, which represents 94 percent of the market. That would, of course, include the three major credit reporting agencies – Experian,  TransUnion and Equifax. The new rule would also give the CFPB the same supervisory power over debt collectors with more than $10 million in annual collections, representing 63 percent of the market.

Though this would be new territory for the Bureau in terms of credit reporting agencies and debt collectors, the Bureau already has similar regulatory power over big banks, mortgage companies, and lenders of private student loans and payday loans.

As you may recall, Cordray’s appointment was a controversial one, but he is expected to remain in the position until the end of 2013. In his first address to the American people last month, Cordray summarized the mission of the CFPB: to help protect consumers against the risks of borrowing. He also encouraged consumers to share their stories, and file complaints as necessary, at ConsumerFinance.gov.

What do you think of the CFPB’s proposed regulatory power over credit reporting agencies and debt collectors? Please share here, as well as on the official CFPB website – ConsumerFinance.gov – as the Bureau is seeking public comment on the proposal for the next 60 days.

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