In a new report, the CFPB asserted that credit bureaus Equifax, Experian and TransUnion did not comply with statutory obligations to respond to consumer complaints submitted through the CFPB's complaint process.

The CFPB cited obligations under the Fair Credit Reporting Act, which requires that credit bureaus review consumer allegations of incomplete or inaccurate information on consumer credit reports, including allegations made by an authorized third-party representative of the consumer. Credit bureaus must then report their findings to the CFPB.

In the report, the CFPB indicated that Equifax, Experian and TransUnion often (i) failed to provide the results of their investigations to the CFPB, (ii) took no action because a complaint was originated by a third party on behalf of the consumer or (iii) failed to respond substantively to complaints because they relied on template complaint responses. The CFPB concluded that many consumers did not receive adequate responses to their complaints filed through the CFPB complaint process.

Primary Sources

  1. CFPB Press Release: CFPB Releases Report Detailing Consumer Complaint Response Deficiencies of the Big Three Credit Bureaus

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