Credit Bureaus’ Complaint Response Fell in Pandemic, CFPB Says (1)

Equifax Inc., Experian PLC, and TransUnion saw a steep drop in responses to consumer complaints in 2020, resulting in fewer consumers getting relief for credit reporting problems, the Consumer Financial Protection Bureau said.

The three big consumer credit reporting firms provided relief to consumers in less than 2% of complaints filed with the CFPB’s consumer complaint database between January 2020 and the end of September 2021, the CFPB said in a report issued Wednesday

In comparison, Equifax, Experian, and TransUnion addressed problems reported to the database in about 25% of cases in 2019, the bureau said.

“America’s credit reporting oligopoly ...