This past January, the Consumer Financial Protection Bureau (CFPB) issued an annual report analyzing more than 700,000 consumers’ complaints about the three national credit bureaus, Equifax, Experian, and TransUnion. According to the report, “In 2021, the NCRAs reported relief in less than 2% of complaints down from nearly 25% of complaints in 2019.”
The unfortunate takeaway for consumers may be that they can’t expect the bureaus to do the right thing when they have issues with their credit reports. Instead, they need an experienced lawyer on their side to help them fix their credit and gain them the compensation they deserve.
The CFPB found that the most common issue was “incorrect information on your report.” Complaints that other people’s information was included in their credit reports have gone up almost 1,000% in just four years. Of those, most consumers complained about other people’s information on their reports, and they reported having experienced identity theft.
Another cause of consumers’ exasperation was that they were caught between the bureaus and the “furnishers,” who supply the data to the reporting bureaus. The bureaus and furnishers blame each other for errors, and then neither act to correct the information.
The CFPB noted that when consumers were using third-party complaint services, the bureaus discounted these complaints. While federal law allows third parties to represent consumers in these disputes, the bureaus’ automated systems would search for identical complaints, conclude these were from credit repair companies, and then fail to respond.
Consumers also took issue with the complaint process itself. They couldn’t get through automated processes to get real assistance. The bureaus did not respond to their letters. The dispute process was so lengthy, unproductive, and costly, “Some consumers, resigned that they had done everything they could, described living with incorrect information on their credit report.”
However, those making those statements just gave up after filing complaints: They weren’t aware they could take legal action against bureaus that knew their information was wrong but didn’t correct the problem.
If you identify any information on your credit report that shouldn’t be there, from errors of your data to someone else’s information in your credit report, contact an attorney who specializes in representing clients like you—someone who can help you repair your record and obtain compensation for any damages you sustained.