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Credit Bureaus Take Top Spots in CFPB Complaints

The Consumer Financial Protection Bureau (CFPB) fields consumer complaints about a wide variety of players in the financial industry, including debt collectors, payday lenders, mortgage lenders, and credit reporting companies. The CFPB recently released its monthly complaint report and, according to its data, the three major credit bureaus ranked numbers 2, 3, and 4 in the top 10 most complained about companies. The top 10 were:

Wells Fargo
Equifax
TransUnion
Experian
Bank of America
JPMorgan Chase
Citibank
Capital One
Synchrony Financial
Navient Solutions, Inc.

While the other seven financial services companies were subject to complaints about a variety of products, such as bank accounts, credit cards, debt collection, and mortgages, complaints about Equifax, TransUnion, and Experian were 100% related to credit reporting.

In its report, the CFPB noted that it has received approximately 185,700 complaints related to credit reporting since it began accepting complaints in July 2011. Far and away the most common complaint received was about incorrect information in consumers’ credit reports. In fact, fully 76% of complaints had to do with erroneous information. The other four categories of complaints were about the credit reporting company’s investigation (9%), the inability to obtain a credit report or score (7%), the improper use of a credit report (4%), and credit monitoring or identity protection (4%).

According to the CFPB, consumers often complain about the processes for disputing information in credit reports, barriers to submission of disputes, and not receiving the results of disputes. Often, consumers complain that the personal information in the credit reports is incorrect. So, for example, one person’s information is combined with that have another person, typically a family member or someone with a similar name or address.

Another frequent complaint that the CFPB cited was the way that accounts are reported when a consumer is going through bankruptcy or has completed the bankruptcy process.

It can be difficult for consumers to tackle credit report inaccuracies on their own. That’s why it can be helpful to have a credit lawyer on your side who can navigate the process, ensure that harmful items are removed, and see to it that all of the information contained in the credit report belongs there. If you need help straightening out your credit report, Debt & Credit Lawyer can help.

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