WASHINGTON – Today, the Consumer Financial Protection Bureau (CFPB), led by Trump appointee and Project 2025 architect Russell Vought, started the process of potentially changing the Bureau’s complaint system to make it harder for people to file complaints against credit reporting companies – and possibly against debt collectors, banks, and other big businesses. The CFPB appears to be responding to a request by Consumer Data Industry Association (CDIA) to reduce the number of complaints people file with the CFPB against the three key members of the trade association, Experian, Equifax and TransUnion, which together are known as the Big Three.
The January 27 CDIA letter to CFPB asks the Bureau to: (1) require consumers to supply sensitive personal information, such as date of birth and other demographic information; (2) require two-factor authentication and only allow a certain number of complaints per phone number, effectively restricting how many complaints a consumer can file; and (3) restrict IP addresses from submitting complaints on behalf of multiple consumers, which could hinder consumers from submitting complaints from places such as libraries and domestic violence shelters
“Last year, consumers filed nearly five million complaints with the CFPB regarding credit reporting, mostly against the Big Three credit bureaus, one of the worst oligopolies in this country,” said NCLC Director of Consumer Reporting and Data Advocacy Chi Chi Wu. “Those huge numbers reflect the massive issues caused by mistakes and other problems that people have with their credit reports. But instead of fixing these problems, which is supposed to be CFPB’s mission, Russell Vought and his cronies appear ready to bow to the industrys demands to sweep the problem under the rug by suppressing the volume of complaints.”
Incorrect information on a credit report, whether caused by errors or identity theft, can be devastating, costing families thousands of dollars in higher interest rates or denying access to loans altogether. It can prevent people from becoming homeowners, buying cars, or opening small businesses and can also cost people a job opportunity, insurance, or an apartment rental.
“Affordability is people’s top economic concern,” said Wu. “Credit reporting errors and problems can cost families big bucks, but instead of helping consumers with credit reporting errors, like the CFPB once did, the Vought-led agency appears to be responding to the industry’s wish list to prevent people from complaining about them in the first place.”
It’s unclear whether the potential changes would also affect complaints against other companies that CFPB regulates such as debt collectors, big banks, and mortgage servicers.
“Debt collection is the second-most common source of complaints to the CFPB, said NCLC Senior Attorney April Kuehnhoff. “The number of consumer debt collection complaints is exploding, increasing more than four times in the span of two years, from 2023 to 2025. We need a CFPB that can help consumers resolve their complaints, enforce consumer protection laws, and supervise the debt collection industry – not throw up artificial barriers to consumers calling on the federal government for help.”
Additional Resources
- Press Release: CFPB Must Supervise Auto Finance, Debt Collection, Credit Reporting, and International Remittance Industries, Sept. 24, 2025
- Comments Opposing CFPB Proposal to Reduce Number of Consumer Reporting Agencies Supervised by the Bureau, Sept. 22, 2025
- Press Release: CFPB Report Shows Progress in Taming Credit Bureaus’ Mistreatment of Consumers, Jan. 3, 2023
- Report: Automated Injustice Redux: Ten Years After a Key Report, Consumers Are Still Frustrated Trying to Fix Credit Reporting Errors, Feb. 1, 2019
Support NCLC
Please support NCLC's work to advance consumer rights and economic justice with a tax-deductible contribution today!
Donate