The nation’s three largest consumer reporting agencies have improved how they handle consumer complaints since a 2022 report faulted them for failing to meet their Fair Credit Reporting Act obligations, the Consumer Financial Protection Bureau said today in its annual report on credit and consumer complaint reporting.
Last year’s report concluded that, in most instances, Equifax, Experian and TransUnion did not satisfy their FCRA obligations to review certain complaints and report outcomes to the CFPB. However, this year’s report found that consumer complaint responses from three reporting agencies were more substantive than before and more tailored to individual complaints, and that the agencies reported greater rates of relief.
Still, CFPB said it expects the three agencies to continue to improve how they serve consumers. Specifically, the bureau said the agencies need to consider how automating certain processes can shift the burden of rectifying complaints to consumers. They also need to recognize how technology can change how consumers communicate complaints and figure out “how to transition the (credit reporting) market from control and surveillance to consumer participation,” CFPB said.