ATLANTA — A notice posted to the Federal Register has consumer advocates concerned that it could soon become harder to file a complaint with the federal government about issues with credit bureaus.
We are talking about Equifax, Experian and TransUnion, the companies that track your credit.
Just two days after the trade organizations that represent those companies sent a letter to the Consumer Financial Protection Bureau asking for new restrictions on complaints, the CFPB posted a notice to the Federal Register that it was starting the process to make changes to how it accepts consumer complaints.
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“What we’re concerned about is that the Consumer Bureau is responding to the industry’s demands to make it harder to file complaints,” said Chi Chi Wu from the National Consumer Law Center.
We’ve shown you before on Channel 2 Action News what can happen when credit bureaus make a mistake.
Sheila Pugh’s credit reports showed an unpaid debt in 2023 for more than $16,000 for a McDonough rental home she never rented.
“Oh my god, it hurts. It’s like what in the world, there is no way,” she said.
When that happens, you can file a complaint with the Consumer Financial Protection Bureau.
In its letter to the CFPB, the Consumer Data Industry Association asks for new requirements that consumers supply sensitive personal information, such as date of birth, require two-factor authentication and only allow a certain number of complaints per phone number, and restrict IP addresses.
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The group says it is necessary to “help ensure that only legitimate complaints are submitted through the complaint portal.”
But Wu says it will make it harder for consumers to get problems fixed.
“The Consumer Bureau has been able to get relief for consumers, and under previous administrations, has really leaned hard on the credit bureaus to provide relief. Now we are looking potentially at all that being gone,” Wu said.
The CFPB filing on the federal register asks for public comment but has little information on what changes are being considered.
We reached out to the CFPB. A spokesperson tells us it is not trying to restrict complaints but, that the point of the rulemaking is to improve the process.
A CFPB spokesperson tells Channel 2 Action News:
“Experts are quite misinformed, it does the opposite. By reminding people of the legal process to fix or investigate their credit, we’re able to help more people. Right now, the system is overwhelmed by issues that aren’t related or CFPB is not able to solve. Reminding people of the process will hopefully point them in the right direction to more expeditiously get their issues resolved and allow us to help those who need it. As you know, the by law, individuals who are reporting inaccuracies or incompleteness on their credit report first have to legally do so by reporting it to a CRA. We are not legally allowed to open an investigation until that step occurs.”
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