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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