The CFPB has released its monthly snapshot on consumer credit reporting complaints.
According to the CFPB snapshot, there has been a sharp increase in complaints from last month and last year, the majority related to inaccurate data on the reports. As of August 1, 2015, the CFPB has handled 677,200 complaints nationally and has seen a rising trend in complaints stemming from the Los Angeles, CA metro area.
Since 2012, The Bureau has handled approximately 105,000 complaints under its supervision of the largest credit reporting agencies in the country, with a reach of 200 million consumers and accounting for 95 percent of the credit reporting market’s annual receipts.
Some findings of the report include:
- A 56 percent increase in credit reporting complaints submitted from June to July 2015;
- That 77 percent of complaints involved incorrect information on reports, affecting consumers’ credit scores;
- Consumers being subjected to rigorous online identity authentication questions and/or having to undergo time-consuming and potentially insecure processes in order to receive their credit reports;
- That 97 percent of complaints submitted between March and May 2015 involved three nationwide credit reporting agencies;
- That the most complained about financial product or service for July 2015 was debt collection;
- That consumer loan complaints, including pawn loans, title loans, and installment loans showed the greatest percentage increase of 61 percent in a year-to-year comparison; and
- Hawaii, Maine, Georgia and North Carolina showed the highest complained volume increases from a year ago.
CFPB Press Release.
CFPB Consumer Complaint Database.