Credit Reporting Concerns Highlighted in Regulatory Snapshot
Earlier this week the Consumer Financial Protection Bureau (CFPB) publishes its monthly complaint snapshot. The report provides a high level summary of the agency’s consumer complaint collection efforts and hones in on one specific issue. This month, the CFPB looked at credit reporting complaints, finding that the volume of such complaints “sharply increased” month-over-month and year-over-year. From June to July, credit reporting complaints jumped up by 56 percent to nearly 7,000 complaints. Consumers shared common issues including incorrect information on credit reports and trouble accessing reports.
The CFPB also reported collecting more than 26,000 complaints across the financial services sector in July. Debt collection, credit reporting, mortgages and bank accounts received the highest number of complaints in that order. Credit reporting and consumer loans saw the biggest increases in complaint volume. Equifax, Experian, Bank of America, TransUnion and JPMorgan Chase were the subject of the most complaints.
CFPB Press Release:
Monthly Complaint Report: