WASHINGTON—Credit reporting complaints increased significantly in July, according to the CFPB.
The CFPB released its latest monthly consumer complaints snapshot, revealing that credit reporting complaints increased by 56% in July (6,969 complaints) over June (4,289 complaints).
In analyzing the period of May through July 2015, complaints increased by 45% compared to the prior year.
According to the report, the majority of the credit reporting complaints (77%) were about problems with incorrect information on the reports.
"Whether a consumer is trying to get a mortgage, apply for a student loan, or buy a car, credit reports are fundamentally important in allowing people to access their financial goals,” said CFPB Director Richard Cordray in a release. “As we see a rise in the number of consumers complaining about this issue, the Bureau will continue to work to ensure that credit reports are fair, accurate, and readily available to all consumers.”
Other report highlights:
- Consumers frequently complain of debts already paid: Or debts not yet due showing up on their report, negatively affecting their credit scores.
- Consumers complain about trouble accessing reports: Consumers consistently report issues related to accessing their credit reports as a result of rigorous online identity authentication questions. “If unable to access the reports over the Internet, consumers have to send copies of sensitive, identifying documents through the mail, which consumers feel is time-consuming and potentially unsecure,” the CFPB stated.
- High-volume complaint companies: Out of all credit reporting complaints submitted to the Bureau between March and May 2015, 97% of them involved the three nationwide credit reporting agencies—Equifax, Experian, and Transunion