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
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."
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