Interesting Analysis of Consumer Complaints about Credit Reporting

Interesting Analysis of Consumer Complaints about Credit Reporting The Consumer Financial Protection Bureau had made available a consumer complaint database that tracks complaints made by consumers to the CFPB and how they are resolved. The database includes consumer complaints about credit bureaus with the aim of uncovering patterns in the problems consumers are experiencing with credit reporting. U.S. PIRG, a consumer group, analyzed the data and made this report. Since the Consumer Financial Protection Bureau began collecting complaints about credit reporting in October 2012, the CFPB has recorded more than 10,000 complaints about credit reporting. Equifax, TransUnion and Experian were...

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Consumer Agency Finds the Credit Bureaus’ System of Dispute Resolution Does Not Work for Consumers

The Consumer Financial Protection Bureau has released a study of the operations of the three national credit bureaus. The CFPB found serious problems with the credit reporting system, and in particular, the dispute system.The bureaus’ automated dispute system in which the credit bureau often limits its role in disputes to little more than assigning codes as to what type of dispute is at issue. The bureaus do not examine documents, contact consumers by phone or email, or exercise any form of human discretion in resolving a dispute. The vast majority (85%) of credit reporting disputes are passed on to the...

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CFPB to Begin Regulating Credit Bureaus

Today the Consumer Financial Protection Bureau (CFPB) announced it is now accepting accepting consumer complaints about credit reporting. The CFPB’s press release advises consumers who have a problem with their credit reports to first dispute the reports by contacting the credit bureaus directly before complaining to the CFPB. The CFPB will accept complaints about the following issues: · Incorrect information on a credit report; · A consumer reporting agency’s investigation; · The improper use of a credit report; · Being unable to get a copy of a credit score or file; and · Problems with credit monitoring or identify protection...

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American Express Caught Deceiving Customers

The FDIC and the Consumer Financial Protection Bureau (CFPB) have announced a settlement with American Express Centurion Bank of Salt Lake City concerning deceptive debt collection and credit card marketing practices. American Express will pay restitution $85 million to over 250,000 consumers and pay penalties of $27 million. The authorities found American Express engaged in the following outrageous practices: 1. Misrepresented that if consumers entered into an agreement to settle old debt (that was no longer being reported to consumer reporting agencies), such settlement would be reported to consumer reporting agencies and thereby improve the consumers’ credit scores. In fact,...

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CFPB to Begin Regulating Credit Bureaus

On September 30, 2012, the Consumer Financial Protection Bureau (CFPB) will begin regulating the largest credit reporting agencies. Speaking for the National Consumer Law Center, Ms Chi Chi Wu said, “The fact that the CFPB will oversee the large credit reporting agencies is a game changer” and the CFPB “could potentially improve the economic lives of millions of Americans by improving the accuracy of the system and its responsiveness to consumers.” The three national credit bureaus have credit information on about 200 million Americans. The reports are the basis for consumers’ all-important credit scores. Credit reports and scores have a...

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