A Record Year of Complaints for the Three National Credit Bureaus

Credit Bureaus are the worst. That isn’t just hyperbole. That’s the finding from a new U.S. PIRG Education Fund analysis. Confirming what you already knew, PIRG reviewed complaints made to U.S. financial firms—regarding everything from student loans to credit cards. And PIRG concluded that the “Big 3” credit bureaus received more complaints than any other financial firm in 2022.

According to PIRG’s report, the Consumer Financial Protection Bureau received 800,394 complaints in 2022, a record number that nearly doubled from the previously record-breaking 496,000 complaints filed in 2021. But when it comes to complaints regarding credit reporting, those went up even more—96% in just one year.

Further, PIRG concluded that “complaints against the … Big 3 credit bureaus (TransUnion )#1)), Equifax (#2) and Experian (#3)) ranged above all over complained-about companies in 2022, not only in the credit reporting products category but all categories of complaints.”

The most frequent complaints in 2022 were:

The fact that so many were dealing with incorrect information on a credit report is a reminder that credit errors are common. But the fact 150,000 complained about how poorly their issues have been dealt with validates what we knew: Credit Bureaus ignore most complaints.

Indeed, while 90% of the complaints to the Big 3 were closed with some explanation—which is taken as a sign that a complaint was individually reviewed and investigated—only 40% percent of complaints actually resulted in any changes to someone’s consumer credit report. The vast majority were not helped even though errors on a credit report can change someone’s life, from impacting interest rates for credit cards and loans to getting a job.

That’s why getting real counsel working on your behalf is essential. “Credit repair” companies just don’t get the job done for their clients.

Instead, contact an attorney specializing in helping consumers fix their credit reports and related issues—such as debt collection harassment. Attorneys can help you repair your record. And they’ll help you receive compensation for the damage you’ve suffered due to reporting mistakes. Call today.