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Consumer complaints about credit reporting agencies highlighted in CFPB report
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The Consumer Financial Protection Bureau (CFPB) released a report Tuesday that details complaints about consumer credit reporting agencies and their efforts to address those concerns.
The 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 (NCRAs) – Equifax, Experian and TransUnion. The latest edition of the report was based on the 488,000 consumer complaints the CFPB sent to the NCRAs between October 2021 and September 2022.
"TransUnion, Equifax and Experian routinely top the list of complaints submitted by consumers," said CFPB Director Rohit Chopra. "We will be exploring new rules to ensure that they are following the law rather than cutting corners to fuel their profit model."