On January 3, 2022, the Consumer Financial Protection Bureau (CFPB) published an annual report on the big three consumer reporting companies TransUnion, Equifax, and Experian.
Specifically, the CFPB’s report focuses on these big three bureaus’ responses to consumer complaints. Here are some highlights of the report, which is based on the whopping 488,000 complaints received by the CFPB from October 2021 to September 2022:
- The CFPB noted improvements in the companies’ responses, including a decline in the use of problematic responses to complaints.
- Additionally, the companies have started to provide more tailored and substantive responses.
- However, the CFPB has also identified areas for improvement regarding automated processes and the burden they put on consumers.
The CFPB expects the companies to continue improving their services to consumers and has recommended steps for them to do so, especially considering that the CFPB has previously taken action against consumer reporting companies that have broken the law.