A Report on Credit Reporting Agencies
A few days ago, Representative Jim Clyburn, Chairman of the Select Subcommittee on the Coronavirus Crisis, sent a LETTER to Rohit Chopra, the Director of the Consumer Financial Protection Bureau, requesting the CFPB review the three main bureaus for possible violations of the FCRA. Chairman Clyburn’s letter alleges, “Information obtained by the Select Subcommittee indicates that there are longstanding problems with the Nationwide Consumer Reporting Agencies’ practices for responding to consumers who challenge credit reporting errors.” In case you missed it, the three credit bureaus, Equifax, TransUnion, and Experian, of possible violations of the Fair Credit Reporting Act. The chairman is asking for a thorough investigation into the failure of the said companies to respond to and resolve consumer credit errors raised during the lockdown. According to the Select Subcommittee... The Bureaus are Disregarding Millions of Disputes Based on Speculative or Overly Broad Criteria: Over 1...