CFPB Begins Accepting Consumer Reporting Complaints

CFPB Consumer Reporting Consumer Complaints

On October 22, the CFPB announced that it has begun accepting consumer complaints regarding the activities of consumer reporting agencies (CRAs). In July 2012, the CFPB issued a rule that granted the Bureau authority, effective September 30, 2012, to supervise firms with more than $7 million in annual receipts from consumer reporting activities. As part of its new supervision activities, the CFPB is seeking consumer complaints with regard to (i) incorrect information on a credit report, (ii) a consumer reporting agency’s investigation, (iii) the improper use of a credit report, (iv) being unable to get a copy of a credit score or file, and (v) credit-monitoring or identity-protection services. The CFPB encourages consumers to attempt to resolve any problems directly with the CRA before submitting a complaint to the CFPB in order to take full advantage of certain rights afforded by federal consumer financial laws.