Credit Reporting Complaints: What You Need to Know

Credit reporting consistently generates the most consumer complaints at the CFPB. Here is why, and what you can do about it.

Why Credit Reporting Leads in Complaints

Credit reporting has been the number-one complaint category at the CFPB for years, often accounting for more than half of all complaints filed. The three major credit bureaus -- Equifax, Experian, and TransUnion -- maintain credit files on over 200 million Americans, and errors in these files can affect loan approvals, interest rates, insurance premiums, rental applications, and even employment decisions. The high volume of complaints reflects the enormous impact credit reports have on consumers' financial lives and the frequency with which errors occur.

Most Common Credit Reporting Issues

Based on CFPB complaint data, the most frequently reported credit reporting issues include:

  • Incorrect information on your report: Accounts that do not belong to you, wrong balances, incorrect payment history, or accounts that should have been removed appearing on your report.
  • Improper use of your report: Companies pulling your credit without a permissible purpose, or "hard inquiries" you did not authorize.
  • Problem with a credit reporting company's investigation: After you dispute an error, the investigation comes back confirming the incorrect information, or the bureau fails to investigate within the required 30-day window.
  • Unable to get your credit report or score: Difficulty accessing your free annual credit report or getting incorrect information when you do access it.
  • Credit monitoring or identity theft issues: Problems with credit monitoring services, or difficulty resolving identity theft on your credit file.

Your Rights Under the FCRA

The Fair Credit Reporting Act (FCRA) gives consumers specific rights regarding their credit information:

  • You have the right to one free credit report per year from each of the three major bureaus at AnnualCreditReport.com.
  • You can dispute inaccurate information, and the bureau must investigate within 30 days.
  • If information is found to be inaccurate, it must be corrected or removed.
  • You must be notified if information in your credit file is used against you (such as a loan denial).
  • You can place a fraud alert or credit freeze on your file at no cost.

How to Dispute a Credit Report Error

  1. Get your reports: Pull your credit reports from all three bureaus at AnnualCreditReport.com.
  2. Identify errors: Review each report carefully for accounts you do not recognize, incorrect balances, wrong personal information, or outdated negative items.
  3. File a dispute with the bureau: Submit your dispute online through the bureau's website, or by certified mail for a paper trail. Include copies (not originals) of supporting documents.
  4. File a dispute with the furnisher: Also contact the company that reported the incorrect information. They have an independent obligation to investigate.
  5. Track the investigation: The bureau has 30 days to investigate and respond. If the information cannot be verified, it must be removed.
  6. File with the CFPB if needed: If the bureau or furnisher does not resolve the error, file a CFPB complaint. The CFPB tracks these complaints and can intervene.

Using PlainComplaint for Credit Reporting Research

On PlainComplaint, you can look up the complaint profiles of Equifax, Experian, TransUnion, and other credit reporting companies. Each profile shows total complaint volume, timely response rate, and the percentage of complaints that resulted in relief. You can also browse the Products section to see all complaints filed under credit reporting categories, or check the Issues section to see specific problem types.

Important Note

This guide is for informational purposes only and does not constitute legal or financial advice. If you believe your rights under the FCRA have been violated, consider consulting a consumer rights attorney. Many FCRA attorneys work on contingency and offer free consultations.

Source: CFPB Consumer Complaint Database CFPB Consumer Complaint Database

Every figure on PlainComplaint is rendered directly from the CFPB Consumer Complaint Database, no number is typed in by an editor. This page draws directly on the CFPB Consumer Complaint Database, no figure is typed in by an editor. See our editorial standards & corrections policy, the methodology behind these numbers, or report a data error.