Credit Reporting Bureasus Take Top Complaints Prize At CFPB

By on May 25, 2016

Edging out perennial love-to-hate favorites such as banks, airlines and utilities providers, complaints about the nations three primary credit reporting bureaus (Equifax, Experian and TransUnion) outpaced all other complaints to the Consumer Financial Protection Bureau.

On May 24, 2016, the CFPB reported that between December and February, the CFPB received an average of 1,014 complaints a month about Equifax, 911 about Experian and 765 about TransUnion, representing double digit growth over the same period last year.

Credit reporting also came in as the third most complained about category, behind mortgage related complaints and debt collection complaints. Within the credit reporting category, inaccurate reporting was by far the most common complaint. Credit scores and reports are vitally important to countless financial transactions, with bad scores or misreported incidents costing consumers on loan payments or leading to a credit denial.

A 2015 study released by the Federal Trade Commission found that 23% of consumers identified inaccurate information in their credit reports

The credit reporting companies have been sued repeatedly by state and federal regulators, and have paid out millions in class action settlements under laws that protect consumers, such as the federal Fair Credit Reporting Act.

Under federal law, consumers are entitled to receive one free credit report per year. The report can be obtained from:

https://www.annualcreditreport.com/index.action