Consumer Complaints About Credit Reporting Surging, Data Reveal
April 14, 2014
Consumer complaints filed with the CFPB jumped 29.1 percent in the first quarter of 2014, fueled mostly by a flood of gripes having to do with credit reporting, which leapt 79.5 percent during the period, according to a new analysis and ranking by Inside the CFPB. Year over year, the picture is even worse, with total complaints up 34.0 percent, driven by an eye-popping 125.8 percent jump in grievances with credit reporting. Such a noticeable rise in the sector is sure to capture the attention of the CFPB, which uses consumer complaints – rightly or wrongly – as a barometer for where it should dedicate its limited resources. There are economists who argue such self-reported data are inherently unreliable. The bureau has... [includes 2 exclusive charts]