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CFPB RECEIVES FLOOD OF CONSUMER COMPLAINTS RELATED TO INACCURATE CREDIT REPORTING

There has been a recent spike in credit reporting complaints claiming that information on a consumer’s credit report actually belongs to someone else. This recent spike is a result of nearly twice the number of consumers complaining about incorrect information in a credit report. According to an analysis by the U.S. Public Interest Research Group (PIRG) and the Frontier Group, gripes from consumers set a new monthly complaint volume record for the fifth month in a row.

The total number of consumer complaints related to credit reporting has risen by 86 percent during the COVID-19 pandemic! PIRG researchers have acknowledged that the accuracy of credit reports is a “delicate barometer” for consumers considering credit reporting agencies essentially act as gatekeepers to financial or employment opportunities. We all know it’s nearly impossible to get a line of credit, a loan, etc. without creditors reviewing a credit report or credit score.

U.S. PIRG Senior Director for Consumer Programs, Ed Mierzwinski, has shed some light on what to do when a consumer finds credit report inaccuracies. “You can generally see your credit report for free, especially during the pandemic. You’ll need to file disputes with both the credit bureau(s) at fault and the company that made the alleged mistake.” He also advised consumers to check their credit reports for mistakes, especially if they are seeking new credit in the future.

To learn more about filing a complaint with the CFPB, click here.

We’re Here to Help You With Your Credit Problems

Shub Law focuses its practice on helping consumers, especially those who have been affected by inaccurate credit reports. Our consumer protection attorneys are here to help you fight back against companies who may have harmed you in any way because of an inaccurate credit report.

If you or someone you know has been involved in a situation where you believe an inaccurate credit report negatively impacted your life, please contact us via email at leads@shublawyers.com or give us a call at 856-772-7200. Shub Law Firm is a national leader in representing consumers, just like you. Our experienced class action attorneys are here to help you get justice. Contact us now!

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CFPB RECEIVES FLOOD OF CONSUMER COMPLAINTS RELATED TO INACCURATE CREDIT REPORTING

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