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Does CFPB rebuke of credit bureaus portend tougher rules?

January 6, 2022

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The Consumer Financial Protection Bureau slammed the nation’s credit reporting bureaus over their handling of complaints in a report that could serve as a precursor to stricter oversight of the industry.

The CFPB said that Equifax, Experian and TransUnion often fail to help consumers resolve issues or to give them adequate responses. The consumer agency received more than 700,000 complaints about Equifax, Experian and TransUnion between January 2020 and September 2021, accounting for more than half of all the consumer complaints submitted to the CFPB during that period, according to the report.

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