Your World of Legal Intelligence
 United Kingdom | +44 (0) 20 7284 8080

ABA-CFPB Report Highlights Consumer Issues with Leading Credit Reporting Agencies.

Document Cited in Related
Vincent

ENPNewswire-January 6, 2022--ABA-CFPB Report Highlights Consumer Issues with Leading Credit Reporting Agencies

(C)2022 ENPublishing - http://www.enpublishing.co.uk

Release date- 05012022 - Consumer reporting complaints received by the CFPB increased significantly in 2021 over the prior year, with the bureau receiving more than 500,000 credit or consumer reporting complaints between January and September 2021 compared to the 319,000 it received in all of 2020, according to a report released today.

The vast majority of those complaints were related to the three major nationwide credit reporting agencies, Equifax, Experian, and TransUnion. It also noted the volume of complaints about companies like banks that furnish information to consumer reporting agencies are similar to or exceed complaints about credit cards and bank accounts. The report found that consumers submitted more claims that information in their consumer reports was inaccurate than any other problem.

In an analysis of these complaints, the CFPB noted that several factors likely contributed to the increase, many of which were related to the pandemic, including CARES Act relief, changes in regulatory guidance, increased shopping for mortgage credit and refinance credit due to low interest rates, and...

To continue reading

Request your trial
COPYRIGHT Normans Media Ltd.

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT