Credit Report Complaints Highlight Errors

June 4, 2013  

The Consumer Financial Protection Bureau began fielding gripes concerning credit reports last October and on May 31 released detailed information on those grievances, which account for 6,736 of the 113,000 records in the CFPB's Consumer Complaint Database so far. More than a quarter of the credit report complaints were based on problems with the reporting of account status, 15 percent originated with the reporting company's investigation of a dispute, 11 percent were tied to consumers' inability to access their credit reports or scores, and 6 percent stemmed from allegedly improper use of consumer credit reports. The CFPB data also indicated that Experian had the highest number of grievances, followed by Equifax and then TransUnion.
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