CFPB Releases Annual Report of Credit and Consumer Reporting Complaints

  • The CFPB released its annual report of credit and consumer reporting complaints, focusing on how national consumer credit reporting bureaus respond to consumer complaints submitted through the CFPB about incomplete or inaccurate credit information.
  • The report concluded that the three bureaus collectively reported relief in response to less than 2% of complaints in 2021, down from nearly 25% of complaints in 2019, and that more than 50% of consumer complaints submitted through the CFPB did not receive the review required under the Fair Credit Reporting Act and did not result in meaningful responses.
  • The report found that medical debt was one of the main sources of inaccuracies and mistakes on credit reports.