NEW YORK (AP) -- The companies that determine Americans' credit scores are about to come under government oversight for the first time.

The Consumer Financial Protection Bureau said Monday that it will start supervising the 30 largest firms that make up 94 percent of the industry. That includes the three big credit reporting firms: Equifax Inc., Experian and TransUnion.

In remarks prepared for a speech Monday, Richard Cordray, the government agency's director, said that scorekeeping by credit bureaus plays such a large role in Americans' financial lives, it requires scrutiny.

The CFPB said its oversight may include on-sight examinations, and that it may require credit bureaus to file reports.

Cordray said the agency's oversight will extend to niche companies that "focus on payday loans or checking accounts, as well as resellers of credit reports and those that analyze credit report information."

The announcement wasn't a total surprise, said Jon Ulzheimer, president of consumer education at SmartCredit.com and a former Equifax employee. He said the CFPB had hinted earlier this year that it was considering supervising the industry.

To Ulzheimer, the CFPB's move implies that it will soon clarify what the Fair Credit Reporting Act requires of credit bureaus, a constant source of debate in the consumer credit world. When a person challenges what's in their credit report, the Fair Credit Reporting Act requires the bureaus to investigate