Consumers in U. S. complain massively about credit reporting agencies
2023.01.03 14:51
Consumers in U. S. complain massively about credit reporting agencies
Budrigannews.com – Experian (OTC:), the U.S. Consumer Financial Protection Bureau (CFPB) recommended on Tuesday, Equifax, Inc. likewise TransUnion change how they deal with customers after receiving nearly half a million complaints in a single year.
In the CFPB’s database, which was launched in 2012 to increase transparency regarding consumer issues, complaints about the United States’ credit reporting agencies have long dominated the list of public complaints.
According to a CFPB report based on 488,000 complaints it received from October 2021 to September 2022, the watchdog suggested that Experian, Equifax, and TransUnion think about how to improve the accuracy of credit reports by giving consumers more control over their data.
The regulator also said that credit reporting companies should look into whether their automated processes make it harder for customers to fix errors in their reports if they spend too much time doing so.
By law, the Consumer Financial Protection Bureau (CFPB) is obligated to provide a yearly report on consumer complaints against the national credit bureaus.
“We will investigate new principles to guarantee that they are keeping the law, as opposed to compromising to fuel their benefit model,” CFPB Chief Rohit Chopra said in a proclamation.
Equifax, Experian, and TransUnion did not immediately respond to inquiries for clarification.
Additionally, the CFPB discovered that consumers who complained to credit reporting agencies received more relief this year than in previous years. The agency stated that the majority of customers now receive more thorough responses to their complaints.
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