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Tuesday, October 23, 2012

CFPB Now Taking Complaints on Credit Reporting

The CFPB announced it will begin accepting consumer complaints about credit reporting, which includes what are popularly called credit bureaus or credit reporting companies.

There are many consumer reporting companies in the US. The market includes: the three largest credit reporting companies that sell comprehensive consumer reports; consumer report resellers that repackage information they buy from the largest companies; and specialty consumer reporting companies that primarily collect and provide specific types of information like on payday loans or checking accounts.

The CFPB will accept complaints regarding:
  • Incorrect information on a credit report;
  • A consumer reporting agency’s investigation; 
  • The improper use of a credit report; 
  • Being unable to get a copy of a credit score or file; and 
  • Problems with credit monitoring or identify protection services.

The CFPB already accepts a variety of complaints, such as complaints on credit cards, mortgages, bank accounts and services, consumer loans, and private student loans.

Read more.


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