Have a problem with a credit reporting company? Are you trying to get a credit report corrected? Until recently, you were left at the mercy of the credit reporting agencies. Now you can approach and file a complaint with a supervisory body under the guise of the Consumer Financial Protection Bureau (CFPB) to obtain satisfaction.
The stakes are high if you need credit; it is important that your credit report reflects accurate information. It is sent to creditors and the loan rates are based on the information in your file. You could be paying too much in finance charges due to misrepresentation. So now is the time to correct the wrong information.
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“The largest credit reporting companies publish more than 3 billion consumer reports per year and maintain files on more than 200 million Americans,” reports the CFPB. “The consequences of errors in a consumer report can be catastrophic for a consumer, excluding them from the credit markets, jeopardizing their job prospects or dramatically increasing the cost of housing.”
Here’s how to correct your credit report:
For consumers who believe there is incorrect information on their credit reports or have a problem with an investigation, they should first file a dispute and get a response from the consumer rating agency itself. even before filing a complaint with the CFPB.
There are important consumer rights guaranteed by the Federal Consumer Finance Act that can be best preserved by going through the credit reporting company’s complaint process first. Once this process is complete, if the consumer is not satisfied with the resolution or if the Consumer Information Agency does not respond, the CFPB is available to help.
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A consumer can contact the CFPB if, for example, he has problems with:
Incorrect information on a credit report:
- A survey by a consumer information agency;
- Inappropriate use of a credit report;
- Not being able to get a copy of a credit score or file; and
- Problems with credit monitoring or identity protection services.
- The CFPB also handles complaints about credit card companies, mortgages, bank accounts and services, consumer loans, and private student loans.
To file a credit report complaint, consumers can:
Submit online at www.consumerfinance.gov/Complaint
- Call the toll-free phone number at 1-855-411-CFPB (2372) or the TTY / ATS phone number at 1-855-729-CFPB (2372)
- Fax the CFPB to 1-855-237-2392
- Send a letter to: Consumer Financial Protection Bureau, PO Box 4503, Iowa City, Iowa 52244
Consumers can receive free copies of their credit reports every 12 months from AnnualCreditReport.com. It is the only authorized source that provides free information from the three major national credit reporting companies – Equifax, Experian, and TransUnion.
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