WASHINGTON (8/26/15)--This month’s consumer complaint snapshot from the Consumer Financial Protection Bureau (CFPB) spotlights credit reporting complaints.
According to the bureau, such complaints have sharply increased compared with the previous month and previous year.
Consumer reporting companies collect information on consumers and provide reports that are used to decide whether consumers are eligible for credit. Credit reports and scores can determine everything from consumer eligibility for credit to the rates consumers pay for credit.
The CFPB has supervised the nation’s largest credit reporting agencies since 2012, accounting for nearly 95% of the market’s annual receipts. This includes information on more than 200 million consumers.
The snapshot found:
The CFPB also highlighted the Los Angeles metropolitan area in its geographic spotlight. The bureau found that mortgages are the most complained-about product in the area, and there are fewer credit reporting and debt collection complaints than national numbers.
As of Aug. 1, the CFPB has handled more than 677,000 complaints across all products.