The Consumer Financial Protection Bureau (CFPB) recently announced in its monthly report for May 2016 that as of May 1st it had handled 882,800 consumer complaints. Of the complaints filed since the CFPB began handling them in October 2012, 143,700 were complaints specifically regarding credit reports.
CFPB Director, Richard Cordray, stated that "Credit reports are the foundation of consumers' financial lives. Consumers continue to express their frustration about inaccurate information on their credit reports and the difficulty in getting these errors fixed. We will continue to work to ensure that credit report disputes are investigated, errors are fixed, and consumers are treated fairly."
In addition, the companies that have received the most complaints between December 2015 and February 2016 were actually the three major credit reporting Bureaus, Experian, Equifax, and TransUnion. Inaccurate information on credit reports, difficulty disputing errors, as well as negative customer service experiences continue to plague consumers as they try to work with credit bureaus to resolve issues.
