CFPB: Fixing Consumers’ Toughest Credit Reporting Issues

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We support reforms to the financial marketplace that protect consumers from unscrupulous banks and lenders.

By Consumers Union on Tuesday, July 22nd, 2014

When you find an incorrect item on your credit report, it’s not always easy to get it fixed.

Fortunately, consumers have an advocate working hard on their side. For the past three years, the Consumer Financial Protection Bureau (CFPB) has been there to help consumers resolve their problems with financial services providers – from credit bureaus and debt collectors to student loan and mortgage servicers. If you submit a complaint to the CFPB, they’ll work with the bank or financial service provider until you get an answer.

The CFPB’s work has made all the difference for consumers like Venida. A retired nurse, Venida found out that a collections agency was suing her for a breached lease, even though she had been given the ok to leave her home. She challenged the collection on her credit report with each of the three major bureaus, but nothing happened. But after contacting the CFPB, she received a response within two weeks. Her collection problem is now resolved.

On its birthday, the CFPB is sharing stories from Venida and others to let consumers know that assistance is available to them. Not only can consumers get help in resolving their complaints, but the CFPB also takes questions and has created a user-friendly library of advice.

Consumers can send in their complaints online, by fax or mail, or over the phone at 855-411-2372. Through this toll-free number, the CFPB receives complaints from consumers in over 187 languages.

Consumers Union fully supports the CFPB and all of the work it has done on behalf of consumers. Has the CFPB helped you in addressing a problem? We encourage you to share your story!

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