CFPB Starts Accepting Credit Report Disputes

by San Antonio Attorney

 

For those who are tired of how credit bureaus are handling their credit information, it is now possible to file a complaint straight to the Consumer Financial Protection Bureau (CFPB).

This started on Oct. 22, the CFPB started taking complaints concerning the three major credit bureaus, TransUnion, Equifax and Experian, as well as the different smaller credit reporting agencies that gather and sell the consumers’ financial data to other companies.

Before, people had no place to go to besides the courts whenever they could not get a problem settled with a credit reporting agency. Now they can directly file complaints with the CFPB and the agency will pass on that information to the credit reporting agencies and ask them to give a personalized reply.

According to CFPB director Richard Cordray, credit bureaus have big influence on the people’s lives. They aid in determining eligibility to apply for loans, mortgage and even employment. Credit bureaus have to answer within 15 days after receiving a complaint from the government agency. The reply has to address every credit report complaint along with the actual steps that has been or will be taken by the bureau to solve the issue. If a consumer is unsatisfied with the response, a dispute can be filed directly to the CFPB.

A lot of the complaints are probably going to be about violations of the consumer’s rights under the Fair Credit Reporting Act. For instance, credit bureaus are legally required to thoroughly investigate and correct proven errors on a credit report after it was disputed by a consumer. But in some cases the errors get verified, based on a number of reports.

If a credit agency has taken more than a month to reply to it or did not inform the consumer about the outcomes of the investigation, the consumer can advise the CFPB.

 

-  If you have discovered a credit card charge that is not yours, the mistake may be corrected through a simple phone call. But if the situation is complicated to handle, San Antonio Lawyers can help you resolve this issue.

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