Credit Reporting Companies Under Fire (Again)

Credit Reporting Companies Under Fire (Again)

The Consumer Financial Protection Agency (CFPB) says the big three credit reporting companies are still not playing well with others . A new report from the agency says Equifax, Experian, and TransUnion together only responded or reported providing relief to less than 2 percent of covered complaints from consumers in 2021, down from nearly 25 percent in 2019. “America’s credit reporting oligopoly has little incentive to treat consumers fairly when their credit reports have errors,” said CFPB Director Rohit Chopra. “Today’s report is further evidence of the serious harms stemming from their faulty financial surveillance business model.” CFPB says more than 200 million Americans have credit files and the contents therein play a critical r