| Entities | |
| Topics and Issues | Accuracy (39) CFPB Consumer Complaint Database Portal (20) Disputes (45) |
In January 2022, the CFPB announced the release of a report that the CFPB says “reveals how changes in complaint responses provided by nationwide consumer reporting companies resulted in fewer meaningful responses and less consumer relief. In 2021, Equifax, Experian, and TransUnion together reported relief in response to less than 2% of covered complaints, down from nearly 25% of covered complaints in 2019.”
Resources:
- CFPB press release, CFPB Releases Report Detailing Consumer Complaint Response Deficiencies of the Big Three Credit Bureaus (Jan. 5, 2022).
- CFPB report, Annual report of credit and consumer reporting complaints: An analysis of complaint responses by Equifax, Experian, and TransUnion (Jan. 5, 2022).
- CFPB blog, Hold credit reporting companies accountable for incorrect reports and shoddy service, (Jan. 5, 2022 by Darian Dorsey).
- CDIA responds to the CFPB report (Jan. 5, 2022).
- CDIA blog (Jan. 2, 2022)
- AFSA blog Bad Data, Bad Analysis, Bad Results (January 7, 2022 by Dan Bucherer)
- Ballard Spahr blog, CFPB takes aim at three largest nationwide consumer reporting agencies in new report, (Jan. 7, 2022)
- In late-2021, Oliver Wyman issued a fact sheet following an analysis of consumer submissions against the nationwide credit bureaus (Equifax, Experian, and TransUnion) through the Consumer Financial Protection Bureau (CFPB) online complaint portal. The analysis sheds a light on and offers a clearer perspective on the increase of complaints against the credit bureaus by consumers from 2017 to 2020. Oliver Wyman looked at four specific questions that help explain the current state and recent increase in submissions: (1) What do submitters complain about via the CFPB portal? (2) How frequently are submitters using the CFPB portal? (3) What patterns emerge across CFPB portal submissions? (4) What recent changes can we observe in the topics raised by submitters? There were four key findings by Oliver Wyman:
- The CFPB portal is primarily used to dispute specific elements of submitters’ credit reports, and much less frequently to complain about NCRA products and services.
- Highly active submitters are driving an increasing proportion of submissions against the NCRAs.
- More CFPB submissions appear to be using similar language.
- An increasing proportion of submissions reference problems stemming from alleged identity theft.