The CFPB recently released a report about the consumer complaint response rates of the big three credit bureaus, Equifax, Experian, and TransUnion. The report notes that the bureaus reported relief in response to less than 2% of complaints, which is down from a 25% relief rate in 2019.
Between January 2020 and September 2021, 50% of the complaints received by the CFPB, were regarding the credit bureaus, amounting to over 700,000 complaints. Most of the complaints were about inaccurate information and allegations of identity theft.
The report specifically notes the bureaus’ propensity to use templated complaint responses instead of “providing meaning and thorough responses” to consumers. It also notes that the bureaus have mostly stopped providing substantive responses to complaints if the bureaus suspected a third party was involved in submitting it.
Also noted in the report as a main source of complaints about inaccuracies is medical debt, due to the “opaque pricing, complex system of insurance coverage, and frequent delays in…receiving bills.”
You can read the full CFPB summary of the report here.