Consumer Bureau Opens Credit Report Complaint Line
October 22, 2012
The Consumer Financial Protection Bureau -- which already fields consumer complaints on credit cards, mortgages, bank accounts, consumer loans, and private student loans -- on Oct. 22 announced that consumers now may approach it with grievances about credit reporting as well. Consumers can call the CFPB if they have problems with a credit reporting agency or believe there is an error on their credit reports -- but only after failing to resolve the issue with the reporting agency that produced the report. "Credit reporting companies exert great influence over the lives of consumers," said CFPB director Richard Cordray. “Consumers need an avenue of recourse when they feel they have been wronged.” A study released by the agency just last month revealed that, 20 percent of the time, consumers receive different credit scores than the one provided to creditors.
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