Credit Scores Confuse Consumers Featured
03 March 2017
The Consumer Financial Protection Bureau released a monthly complaint snapshot highlighting consumer complaints about credit reporting. The snapshot shows that consumers continue to report struggling to resolve errors on their credit reports. This month’s report also highlights trends seen in complaints coming from Louisiana. As of Feb. 1, the bureau had handled approximately 1.1 million consumer complaints across all products nationally.As of Feb. 1, the bureau had handled approximately 185,700 credit-reporting complaints. Complaints submitted to the bureau indicate that consumers continue to experience difficulties when submitting disputes to credit reporting companies. Consumers submit a high number of complaints about inaccurate personal information on their reports. Frequently consumers state that incorrect or unrecognized names and addresses appear on their reports.Consumers continue to be confused over the variety of scores and scoring “factors” that accompany credit score information. Consumers frequently express confusion when they receive varying scores from different reporting agencies.