On May 25, the Consumer Financial Protection Bureau (CFPB or Bureau) published a blog post, examining what it describes as the “practice of suppressing payment data.”
Per the blog post, the CFPB alleges that its research conducted in 2020 “uncovered that only about half of the largest credit card companies contribute data to credit reporting companies about the exact monthly payment amounts made by borrowers.” As a result, the CFPB reported that it has sent letters to the CEOs of “the nation’s biggest credit card companies,” asking them to explain this practice.
