Consumers Now Get Federal Help on Credit Report Complaints

October 22, 2012
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Starting today, consumers can file complaints about credit reports with the Consumer Financial Protection Bureau. The government agency can help consumers with “individual level complaint assistance on issues with their credit report.”

The CFPB will work with the following complaints: incorrect information on a credit report, improper use of a credit report, a credit reporting company’s investigation, problems regarding fraud alerts, or being unable to get a copy of a credit score.

“It will be a great help for consumers to be able to file complaints to the CFPB and have a federal agency on their side,” said Bill Hardekopf, CEO of LowCards.com. “Credit scores affect so many areas of our financial lives, it is essential for the report to be correct.”

If you have an issue with your credit reporting agency or incorrect information on your credit report, start by filing a dispute from the credit reporting agency. Filing with the agency first preserves some consumer rights guaranteed by federal consumer financial law.

If you are not satisfied with the resolution, then file a complaint with the CFPB. You will need to provide the original dispute case number when you file with the CFPB. The CFPB website makes this easy by providing links to the dispute page for each agency as well as providing additional contact information.

The CFPB will use these complaints to understand the problems that consumers have with credit reports. This will help shape the CFPB priorities such as comparing credit scores sold to creditors versus those sold to consumers. The CFPB is also beginning to supervise consumer reporting agencies.

LowCards.com simplifies the confusion of shopping for credit cards. It is a free, independent website that helps consumers easily compare credit cards in a variety of categories such as lowest rates, rewards, rebates, balance transfers and lowest introductory rates. It also gives an unbiased ranking and review for each card. The LowCards.com Complete Credit Card Index is the most objective and comprehensive resource on the Internet which allows consumers to compare rates for over 1000 credit cards offered in this country. Created by Hampton & Associates, the company has been analyzing the credit card industry and supplying objective websites on various consumer expenses for twelve years.

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