Since no other agency seems to have, as it's charter, protecting the people from business avarice then, yes, we need one.

An example of what we need to be protected from.

You are having trouble making ends meet. You prioritize your bills. You pay the rent/mortgage first because they're most important and you pay as many as you can down the list.

Now, one of the last on your list doesn't get paid. Maybe it's a $20 payment you just plain didn't have.

Someone "higher up on the list" sees this in your credit report and suddenly jacks your interest rate up from somewhere in the teens to 29%. It doesn't matter that you paid THEM on time and followed THEIR rules.

Now, suppose the creditor who did that wasn't a credit card company but was the institution holding your car loan or mortgage.

Do you think that's fair?

If I'm late on a car or mortgage payment, I pay that penalty. Being late on some store credit card because someone ELSE bounced a check to me (this happened to me some years ago) should only affect my relationship with that store and, at worst, be reflected on my credit rating for FUTURE considerations.