Consumers Now Get Federal Help on Credit Report Complaints
Starting today, consumers can file complaints about credit reports with the Consumer Financial Protection Bureau. The government agency can help consumers with “individual level complaint assistance on issues with their credit report.”
The CFPB will work with the following complaints: incorrect information on a credit report, improper use of a credit report, a credit reporting company’s investigation, problems regarding fraud alerts, or being unable to get a copy of a credit score.
If you have an issue with your credit reporting agency or incorrect information on your credit report, start by filing a dispute from the credit reporting agency. Filing with the agency first preserves some consumer rights guaranteed by federal consumer financial law.
If you are not satisfied with the resolution, then file a complaint with the CFPB. You will need to provide the original dispute case number when you file with the CFPB. The CFPB website makes this easy by providing links to the dispute page for each agency as well as providing additional contact information.
The CFPB will use these complaints to understand the problems that consumers have with credit reports. This will help shape the CFPB priorities such as comparing credit scores sold to creditors versus those sold to consumers. The CFPB is also beginning to supervise consumer reporting agencies.
About John H. Oldshue
John Oldshue is the creator of LowCards.com. He worked for over 15 years in television and won an Emmy award for his reporting. He covers credit card rate issues for LowCards.com.