On February 28, the Consumer Financial Protection Bureau released its monthly snapshot highlighting consumer complaints about credit reporting. A copy of the CFPB’s report can be found here.
Debt collection, student loan, and credit reporting were the top three most-complained about consumer financial products and services, representing about 60 percent of complaints submitted in January. Incorrect information on a credit report was by far the most reported complaint by consumers, encompassing 76 percent of all credit reporting complaints submitted to the CFPB. Consumers also complained about credit reporting companies’ investigations and consumers’ inability to obtain a report or credit score.
For perspective, the CFPB monthly report noted that has it handled approximately 185,700 credit reporting complaints since July 21, 2011.
In addition to complaints against the nationwide consumer reporting agencies (“CRAs”), the CFPB reports that complaints have also been filed against other background, employment, checking account, rental, and insurance screening companies. The majority of complaints submitted against these latter types of CRAs cited incorrect information on the consumers’ credit reports.
“Credit reports provide the means for consumers everywhere to take important steps in their financial lives,” said CFPB Director Richard Cordray in a press release. “The Bureau will continue to work to ensure that credit reports are accurate and when disputed issues arise on credit reports consumers are able to resolve them quickly and with little hassle.”