BOSTON – In reaction to today’s release by the Consumer Financial Protection Bureau (CFPB)’s of a report detailing improvements and deficiencies in the responses of the Big Three credit bureaus [Equifax, Experian and TransUnion] to complaints filed with CFPB, Chi Chi Wu, staff attorney at National Consumer Law Center, issued the following statement:
“Today’s CFPB report shows real and meaningful progress towards taming the dysfunctional oligopoly that is the Big Three credit bureaus. The credit bureaus are providing more substantive responses to complaints filed with the CFPB, with tailored responses in over 50% of cases. They are providing greater rates of relief – an increase from the abysmal 2% documented in the CFPB’s January 2022 report.
“We are thankful that the New Year has started off with positive results from the CFPB’s intense scrutiny of the credit reporting industry over the past year to push back on that oligopoly’s half century of poor treatment of consumers.
“But the CFPB’s report also notes there is still much work to be done, such as ensuring that automation does not deprive consumers of their ability to exercise their legal rights, and giving consumers more control over their data. We are excited by Director Chopra’s announcement that the CFPB will be exploring new rules to govern the Big Three, which is an opportunity to adopt deeply needed and long overdue reforms.”