Arizonans went from filing 6,600 complaints with the Consumer Financial Protection Bureau in 2020 to filing nearly 8,000 the next year, the most on record.
Camila Pedrosa Cronkite News The pandemic forced Arizonans to do a lot of things they might not have done before — like getting to know their credit reports better than ever.
“People didn’t have enough money because they got laid off or … they didn’t get enough hours,” Mierzwinski said. “So, people started saying, ‘Well, what can I do if I’ve got less money? I want to make sure my credit report is accurate so I can at least qualify for loans.’ “Some credit repair organizations are simply scamming people out of hundreds of dollars a year on unattainable promises,” said a post from the association, in response to the CFPB report.
While Mierzwinski said the credit bureaus don’t investigate errors, the CDIA insisted they do, often before the 30-day deadline. Mierzwinski said much of the reported medical debt is inaccurate, due to what he called a “daisy chain” of hospitals that sell their debt to collectors, which then resell the bills to other debt sellers. In the process, vital identifying information can be lost that results in debt collectors “parking” debt on credit reports after the deadline for its removal has passed.
“It is put on credit reports … even though it doesn’t signify that you are going to be a deadbeat, it just signifies that you got sick or somebody else got sick or laid off,” Mierzwinski said. “But it’s not the same as ramping up your credit cards at the shopping mall.”
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