As is their monthly custom, the Consumer Financial Protection Bureau released its monthly summary of consumer complaints. Once again, the credit reporting bureaus led the field with creating consumer dissatisfaction, with both false data appearing on consumer reports and difficulty in getting that data removed being leading consumer complaints.
“Credit reports are the foundation of consumers’ financial lives,” CFPB Director Richard Cordray said in a press release. “Consumers continue to express their frustration about inaccurate information on their credit reports and difficulty in getting these errors fixed. We will continue to work to ensure that credit report disputes are investigated, errors are fixed and consumers are treated fairly.”
Other highlights from the data include:
882,800 | The total number of complaints the CFPB had dealt with in total as of May 1 across all financial products.
143,700 | The total number of instances in which consumers have reported being unhappy with credit reporting practices.
2,000 | The total number of complaints regarding specialty consumer reporting companies that specialize in providing reports for background and employment screening, checking account screening, rental screening and insurance screening.
95% | The proportion of complaints about one of the Top 3 nationwide credit reporting companies — Equifax, Experian and Transunion.
77% | The proportion of credit reporting complaints submitted to the CFPB that deal with incorrect information being reported, ranging from paid debt collections not being reflected properly to debts appearing that are unknown to the consumer.