Credit Reporting Complaints Direct to Federal Watchdogs

Credit Reporting Complaints Direct to Federal Watchdogs

Credit Reporting Complaints

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Credit Reporting Complaints Direct to Federal Watchdog

Individual level credit reporting complaints to Federal Watchdog Consumer Finance Protection Bureau can be made directly.

“Credit reporting companies exert great influence over the lives of consumers.  They help determine eligibility for loans, housing and sometimes jobs” said director Richard Cordray.  “Consumers need an avenue of recourse when they have been wronged.”

The largest credit reporting companies issue more than 3 billion consumer reports a year and maintain files on over 200 million Americans.  Errors can be catastrophic, shutting consumers out of housing and jeopardizing employment.

Credit Reporting Complaints Procedure

Consumers should first file credit reporting complaints and get a response from the Credit Reporting Agency.  Important legal rights are best preserved by first going through the Credit Reporting Agency’s complaint process.  If the consumer is dissatisfied with the response, the CFPB is available to review the situation like an appellate court.  A consumer can come to the CFPB, for example, on such issues as:

  • Incorrect information on a credit report
  • Dissatisfaction with the CRA’s investigation
  • Improper use of a credit report
  • Being unable to get a copy of a credit score or file
  • Problems with credit monitoring or identity protection services

The CFPB has expanded from credit card complaints to take credit reporting complaints on mortgages, banking services, consumer loans and private student loans.

After submitting Credit Reporting Complaints

After submitting credit reporting complaints, the consumer is given a tracking number to check the status of their complaint on the CFPB’s website.  All credit reporting complaints will be processed individually and sent to the credit reporting agency for a response.  Response must be within 15 days showing the steps they have taken or the plans they have to remedy the situation.  Consumers can then dispute this response.

The supervisory powers took effect on September 30, 2012.  An extensive study by the CFPB showed that about 1 in 5 consumers would likely receive a different score than the score provided to a lender.  Questions and Answers are available at AskCFPB.  There are 4 ways to file a complaint:

  1. www.consumerfinance.gov/complaint
  2. Call 1-855-411 CFPB (2372)
  3. Fax to 1-855-237-2392
  4. Mail a letter to Consumer Financial Protection Bureau, PO Box 4503, Iowa City, Iowa 52244

It is critical that you create a paper trail in your initial efforts to correct mistakes with the credit reporting agencies.  I know it is discouraging that they don’t investigate the way they are legally required to.  They won’t get away with this if you present your carefully prepared evidence to the CFPB.  The response there is swift.  I have yet to lose an appeal to them.

 

Credit Reporting Complaints Start with Your Free Annual Report

Free annual copies of credit reports are available on an annual basis at Annualcreditreport.com

 

 

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After practicing law for 37 years Edward F. St. Onge, Sr. now devotes all his time to helping consumers achieve a high credit score with amazing speed. Learn the counter-intuitive secrets to credit scoring through his down to earth instructions backed by extensive knowledge of the laws and trends. All of the latest tricks and techniques that they don't want you to know now at your disposal. At last a level playing field for the consumer!

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