Interesting Analysis of Consumer Complaints about Credit Reporting

Interesting Analysis of Consumer Complaints about Credit Reporting

The Consumer Financial Protection Bureau had made available a consumer complaint database that tracks complaints made by consumers to the CFPB and how they are resolved. The database includes consumer complaints about credit bureaus with the aim of uncovering patterns in the problems consumers are experiencing with credit reporting.

U.S. PIRG, a consumer group, analyzed the data and made this report.

Since the Consumer Financial Protection Bureau began collecting complaints about credit reporting in October 2012, the CFPB has recorded more than 10,000 complaints about credit reporting. Equifax, TransUnion and Experian were the subject of 96 percent of all consumer complaints. Experian was the subject of 38 percent of consumer complaints to the CFPB about credit reporting, Equifax was the subject of 33 percent, and TransUnion was the subject of 25 percent.

25% of consumer’s complaints were about incorrect account information appearing on their credit reports. 20% of the complaints were about accounts the consumers said did not belong to them.

Some 30% of the consumers received money or other relief (such as correcting their credit reports) from the credit bureaus through the CFPB complaints process. Other consumers were closed with an explanation to the consumer. Equifax was most likely to provide non-monetary relief while Experian did so in only 5% of cases. Trans Union offered non-monetary relief in 22% of cases. Consumers continued to dispute the companies’ responses to 18% of the complaints.

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