The CFPB released a report regarding consumers' complaints about the nationwide credit reporting agencies and efforts to fix those concerns.
Strategic Wealth Partners investment strategist Luke Lloyd addresses the biggest risks for the 2023 economy, which could include a mild recession and a credit crisis.consumer credit reporting agenciesThe CFPB is required by the Fair Credit Reporting Act to produce an annual report about complaints submitted by consumers about the nationwide consumer reporting agencies – Equifax, Experian and TransUnion.
The most common complaint sent to NCRAs concerned incorrect information on a consumer's credit report. Inaccurate reports that hurt a consumer's credit score can raise their borrowing costs and make it harder to buy a home, start a business or work at certain jobs that require a credit check. The third most common complaint sent to NCRAs involved the improper use of a consumer's credit report – although that was a more significant issue for the other smaller credit reporting agencies that are also included in the CFPB's report.
It's unclear whether the CFPB will put forward new regulations that apply to NCRAs or overhaul the credit reporting system more broadly. The agency declined to offer an additional comment beyond Chopra's statement in the press release accompanying the report.
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