Obama's Weekly Address: Wall Street Crisis

President Obama on Wall Street reform and creating a consumer watchdog to help fix your credit score
3:00 | 10/27/12

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Transcript for Obama's Weekly Address: Wall Street Crisis
Hi everybody. It's now been four years as a crisis that began on Wall Street spread to main street. Hammering middle class families and ultimately costing our economy nine million jobs. Since then we fought our way back -- businesses that more than five million new jobs. The unemployment rate has fallen to lowest level since I took office. Home values rising. An assembly lines are humming once. And to make sure America never goes to a crisis like that again we passed tough new Wall Street reform to end taxpayer funded bailouts for good. Wall Street reform also created the first ever independent consumer watchdog whose sole job is to look out for you. That means making sure you've got all the information you need to make important financial decisions like buying a home or paying for college. And it means going after anyone who tries to take advantage of you rip you -- Starting this month that includes the folks who come up with your credit score. If you haven't checked out your credit score recently you -- it could have a major impact on her life. It could determine whether or not you qualify for a law or what kind of interest you have to pay. You can even affect your chances of renting an apartment or getting. But here's the thing the companies that put your credit score together can make mistakes. They may think you have a loan or credit card that was never yours. They may think you were -- making a payment when you were on time. And when they mess up you're the one who suffers. Until this week if you had a complaint you took it to the company. Sometimes -- sometimes -- that. But that was pretty much -- they were your only real. Well not anymore. If you ever complain about your credit score that hasn't been properly addressed you can go to consumer finance dot gov slash complaint. And let the consumer watchdog no. Not only will they bring your complaint directly to the company in question of if you're tracking number so you can check back and see exactly what's being done on your behalf. And fixing your credit score is and the only thing they can help you. If you're opening a bank account trying to get a student loan or applying for credit card and something doesn't seem right you can let them know and they'll check it out. If you're looking at my home and you want to know if you're getting a fair deal on your mortgage you can give them a call and I'll give you an answer. Their only mission is to fight for you. And when needed they'll take action. For example alongside other regulators they recently ordered three big credit card companies to return more than 400 million dollars. To folks who were deceived or misled into buying things they -- want. -- didn't understand. That's what Wall Street reform is all about looking out for working families and making sure that everyone is playing by the same it's. Sadly that hasn't been enough to stop Republicans in congress from fighting these reforms. Backed by an army of financial industry lobbyists they've been waging an all out battle to the way deep -- and dismantle these new rules. -- refused to let that. I believe that the free market as one of the greatest forces for progress in human history and that the true engine of job creation in this country is the private sector not the government. I also believe that free market has never been about taking whatever you want -- you can get it. Alongside our innovative spirit America -- prospers when we meet certain obligations to one another and when we all play by the same set rules. We've come too far to sacrifice too much to go back to an era of top down on your home economics. And as long as I'm president we're gonna keep moving this country forward so that every. What you start a business or punch a clock can have confidence that if you work hard you can get ahead. Thanks and every week.

This transcript has been automatically generated and may not be 100% accurate.

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