Over 10 years we help companies reach their financial and branding goals. Maxbizz is a values-driven consulting agency dedicated.

Gallery

Contact

+1-800-456-478-23

411 University St, Seattle

maxbizz@mail.com

Credit Reporting Complaints Have Doubled Since 2018 – Investopedia

Consumer complaints about credit reporting more than doubled from 2018 to 2021, according to the Consumer Financial Protection Bureau's (CFPB) complaint database. Credit reporting is, far and away, the most common topic of complaints received by the federal agency.
Accurate credit reporting is crucial for consumers. Negative information that's either inaccurate or fraudulent can have a significant impact on a consumer's credit score and ability to obtain credit when they need it.
In reviewing the CFPB's complaint database, Consumer Reports has found that the number of complaints related to credit reporting doubled from 2018 to 2021, and they're on track to set a new record this year.
What's more, complaints about credit reporting far outweigh complaints about products and services offered by financial institutions. Through the first six months of 2022, credit-reporting complaints made up close to 75% of all complaints submitted to the federal agency.
The CFPB addressed this issue in January when it claimed that the three national credit bureaus, Experian, Equifax, and TransUnion, may be in violation of the Fair Credit Reporting Act for routinely failing to address consumer complaints about credit report errors.
And in March, the federal agency highlighted inaccuracies in medical debt reporting, promising to take action against the credit bureaus, as well as those furnishing the data to them, if inaccuracies aren’t addressed.
But Consumer Reports takes things a step further, calling on all three credit bureaus to not only ensure that credit reports are accurate but also to make credit report access permanently free, so consumers can monitor their credit files more easily and spot mistakes before they get out of hand.
Experian allows consumers to access both their Experian credit report and FICO Score anytime for free, and you can also access your TransUnion credit report for free anytime. However, Equifax limits its free credit reports to six per year.
By law, consumers can also access their credit reports from each of the credit bureaus for free weekly through AnnualCreditReport.com, but this will revert to once every 12 months in 2023.
Because credit reporting errors can have such a significant impact on your credit score, it's crucial that you take the time to review your credit reports as often as possible and to dispute inaccurate information directly with the credit bureaus.

Consumer Reports. "Consumer complaints about credit reports have more than doubled since 2018."
Experian. "Free Credit Report."
TransUnion. "Credit Report."
Equifax. "Your Credit. Your Identity."
Federal Trade Commission. "Free weekly credit reports during COVID extended through December 2022."
Personal Finance News
Student Loans
Personal Finance News
Financial Fraud
Government & Policy
Credit & Debt
When you visit the site, Dotdash Meredith and its partners may store or retrieve information on your browser, mostly in the form of cookies. Cookies collect information about your preferences and your devices and are used to make the site work as you expect it to, to understand how you interact with the site, and to show advertisements that are targeted to your interests. You can find out more about our use, change your default settings, and withdraw your consent at any time with effect for the future by visiting Cookies Settings, which can also be found in the footer of the site.

source

Author

admin

Leave a comment

Your email address will not be published.