“This system is unjust…” “This is predatory and life-altering, preventing me from purchasing a home.” “The credit reporting system is dysfunctional.”
In less than two years, we’ve received over 800,000 complaints related to credit or consumer reporting. That’s an average of more than a thousand complaints every single day.
Consumers have described the obstacles they face when incorrect or incomplete information persists on their reports, such as difficulties seeking new credit, moving into a new home, or landing a new job. When information is inaccurate or incomplete, consumers have the right to correct it. However, in their complaints to the CFPB, consumers have discussed a system in which the nationwide consumer reporting agencies (NCRAs)—Equifax, Experian, and TransUnion—create barriers that hamper their ability to exercise their rights.
We’ve heard from consumers who are frustrated because their attempts to correct information were ignored, seemingly brushed aside without any follow-up. One consumer shared:
“I verified incorrect information on my credit report and started the process to contact the Credit Bureaus to correct this issue. Unfortunately, I never received a response. Despite sending multiple letters, I never received any updates or correspondence. At this point, I’m incredibly frustrated with the lack of response from the Credit Bureaus.”
Consumers have wasted time, energy, and money trying to rectify their credit reports. Some consumers even paid bills they claimed they didn’t owe in an attempt to resolve their issues. According to one consumer:
“This case is about abusing credit systems and collecting to coerce consumers into paying, regardless of fault. After going back and forth, the company turned the matter over to a collection agency, which reported to NCRA to force payment. We eventually paid $220 last year to resolve this, but it cost my credit score 60+ points. We filed a complaint with NCRA, but their bureaucratic process justifies keeping this on my report. This process is stacked against consumers like us.”
Consumers have also described being caught between furnishers and the NCRAs. They’ve stated that when furnishers and NCRAs shift blame onto each other, consumers are the ones who suffer. One consumer, who had a late payment reported on their report, shared:
“This action has damaged my credit, preventing me from applying for another loan. I want the record corrected, the delinquency removed, and for your company to stop incorrectly reporting. Both parties are pointing fingers, and we’re the ones suffering. I want this issue escalated to a second-level supervisor and the department handling credit file information. This has caused irreparable harm to our credit.”
Here are steps you can take to monitor and address inaccuracies on your report and help hold the NCRAs accountable:
Check your report regularly to ensure there are no errors that could impact your ability to obtain credit or favorable loan terms.
Dispute any inaccurate or incomplete information directly with the NCRAs.
Submit a complaint to the CFPB if you encounter issues with credit or consumer reporting.
Take further action if your dispute is ignored or inadequately addressed by an NCRA.
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