2022Credit Reports

Written By ESR News Blog Editor Thomas Ahearn

On April 6, 2022, the Consumer Financial Protection Bureau (CFPB) – a United States government agency that implements and enforces federal consumer financial law – presented its Semi-Annual Report to Congress for the period beginning on April 1, 2021, and ending September 30, 2021.

The report revealed that the CFPB received more than 800,000 credit or consumer reporting complaints between January 2020 and September 2021. In their complaints to the CFPB, consumers describe harms stemming from their failed attempts to correct incomplete and inaccurate information on their credit reports.

When consumers submit complaints, the CFPB’s complaint form prompts them to select the consumer financial product or service with which they have a problem. The CFPB uses these consumer selections to group the financial products and services about which consumers complain to the CFPB for public reports.

Credit or consumer reporting was by far the most complained about consumer financial product or service during the period, accounting for 70 percent of all complaints received by the CFPB, followed distantly by debt collection at 13 percent and checking/savings, credit card, and mortgage each at 4 percent.

In January of 2022, the CFPB published its annual report of credit and consumer reporting complaints that analyzed how the three nationwide credit reporting agencies responded to complaints, including complaints they are required to respond to under the Fair Credit Reporting Act (FCRA).

In November of 2021, the CFPB issued an advisory opinion affirming that consumer reporting companies (CRAs) are violating the law if they engage in shoddy name-matching procedures. Specifically, the CFPB affirmed that the practice of matching consumer records solely through the matching of names was illegal under the FCRA.

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