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CFPB Releases Monthly Complaint Snapshot On Credit Reporting

Mon 13 Mar, 2017  /  by McIntyre & Lemon  /   Client Alerts

03/13/17 – The Consumer Financial Protection Bureau (CFPB) has released a monthly complaint snapshot highlighting consumer complaints about credit reporting.

The snapshot shows that consumers continue to report issues with resolving errors on their credit reports. This month’s report also highlights trends seen in complaints coming from Louisiana.

As of Feb. 1, 2017, the Bureau had handled approximately 185,700 credit reporting complaints. Key findings in the snapshot show that:

  • Consumers continue to experience difficulties when submitting disputes to credit reporting companies;
  • Consumers submit a high number of complaints about inaccurate personal information on their reports; and
  • Consumers continue to be confused over the variety of scores and scoring “factors” that accompany credit score information.

As of Feb. 1, 2017, the Bureau had handled approximately 1,110,100 consumer complaints across all products nationally.

For January 2017, debt collection was the most-complained-about financial product or service. Of the approximately 29,000 complaints handled in January, there were 7,730 complaints about debt collection. The second most-complained-about consumer product was student loans, which accounted for 5,389 complaints. The third most-complained-about financial product or service was credit reporting, accounting for 4,620 complaints.

On March 2, CFPB Director Richard Cordray gave remarks on credit reporting at the Consumer Advisory Board Meeting in Washington, DC. The CFPB also released a report outlining the actions that the Bureau has taken to address ongoing credit reporting problems such as fixing data accuracy at credit reporting companies, repairing the broken dispute process, and cleaning up information being reported.

CFPB Press Release, Complaint Snapshot, Supervisory Highlights, Cordray’s Remarks.