On August 25, the Consumer Financial Protection Bureau released its monthly consumer complaint snapshot, which included a focus on complaints regarding credit reporting.  According to the snapshot, the CFPB has handled 105,000 credit reporting complaints, making them the third most popular type of complaint received by the CFPB.  The CFPB received nearly 7,000 credit reporting complaints in July 2015 alone – the highest number of monthly complaints that the CFPB has received to date.

The CFPB’s snapshot highlighted several significant trends with respect to consumer reporting complaints.  These included the following:

  1. The CFPB saw a significant increase in the number of consumer credit reporting complaints in July 2015.  The complaints increased 56 percent over the previous month;
  2. The vast majority of consumer credit reporting complaints involved incorrect information on a credit report.  Approximately 77% of complaints fell within this category, compared to 9% for the next most numerous type – complaints regarding a credit reporting agency’s investigation of a dispute;
  3. Consumers frequently complain about difficulty accessing their credit reports stemming from “rigorous online identity authentication questions”; and
  4. 97% of credit reporting complaints involved the three main nationwide credit reporting agencies.

The CFPB’s monthly report also included figures regarding credit reporting complaints by state.  California, Texas, and Florida lead the nation in total number of complaints.  Hawaii, however, leads the nation in percentage increase in complaints, with a 279% increase in complaints from the corresponding three-month period the previous year.

Although the CFPB’s report provides interesting insight into the number and type of complaints the CFPB receives, it also serves as a reminder of the CFPB’s increased focus on credit reporting agencies’ responsiveness to consumers.