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.
[DOWNLOAD: Free WSB-TV News app for alerts as news breaks]
“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.
MORE FROM 2 INVESTIGATES:
- Groom gets murder charge for shooting his wife’s stepfather at his own wedding
- HBCU Classic Fest canceled following Channel 2 questions about vendor refunds
- Bank held onto woman’s $500 deposit for credit card it didn’t issue
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.
Channel 2 Action News reached out to CFPB for comment, but it did not respond.
The person who heads the CFPB, Russell Vought, has been trying to shut it down completely since he took over a year ago, but that requires congressional action.
[SIGN UP: WSB-TV Daily Headlines Newsletter]