Released: January 06, 2022

Credit bureaus drew more than half of consumer complaints

Source: Tony Newmyer, Washington Post (Paid Registration)

A new report from the Consumer Financial Protection Bureau reveals that more than half of the complaints the agency has received from the public from January 2020 to September 2021 were directed at Equifax, Experian or TransUnion, the three largest credit reporting firms.

The CFPB said consumers focused their frustration on automated systems that made it difficult to correct faulty information in their reports; an exasperating dispute process; and surprise debts such as medical bills reported to the companies without their knowledge. And the agency found the credit bureaus provided significantly less help last year when consumers protested, offering relief in 2 percent of cases, down from 25 percent in 2019.

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