A Consumer Reports report noted that in the first half of this year alone, credit score complaints accounted for a little more than three-quarters of all thematic complaints overall against Equifax, Experian and TransUnion.
This year, Americans could set a record for the number of complaints about inconsistencies in credit reports filed with the Consumer Financial Protection Bureau.
According to data from Consumer Reports, credit score complaints accounted for just over half of all complaints sent to the federal agency in 2020 and 2021. But during the first half of this year, that number skyrocketed. three quarters of all complaints.
“Credit reporting errors are all too common and can have serious consequences, especially for those already struggling to make ends meet,” Consumer Reports policy analyst Syed Ejaz said in the statement.
Additionally, a CFPB analysis found that Equifax, Experian and TransUnion, the three major credit reporting agencies, collectively resolved less than 2% of the credit reporting complaints they received in 2021, a sharp decline from 25% in 2019. .
The number of complaints Americans sent to the CFPB about inaccurate credit reports more than doubled between 2018 and 2021, Consumer Reports said.
Through a statement, Consumer Reports urged the three credit bureaus to take steps to ensure that people’s reports are accurate.
In addition, he pointed out that in order for a person to be alerted when there is an error in their report, it is necessary that the consultation of the reports be free and with constant access, not just once a year. Equifax and TransUnion charge between $20 and $30 a month for unlimited access to personal credit reports. Experian reports are free.
The push for free, unlimited access to credit reports comes a few months after Equifax accidentally sent the wrong credit score to hundreds of thousands of Americans.
Equifax is now facing a class action lawsuit over the credit scores, which were submitted between March 17 and April 6. Federal lawmakers also asked Equifax to explain what caused the error and how consumers will be compensated.
Inaccurate credit reports have become a growing national problem in recent years, with many consumers reporting difficulty getting them removed from their record by Equifax, Experian, or TransUnion.