WASHINGTON—The CFPB has released its 2023 consumer response report , which found there has been an increase in complaints about credit reporting agencies.
The report details the Bureau’s handling of more than 1.6 million consumer complaints.
According to the CFPB, it routed 81% of those complaints to companies for review and response with 6% going to other regulatory agencies, America’s Credit Unions noted in its analysis.
Additionally, the Bureau noted an uptick in complaints about credit or consumer reporting agencies, including Equifax, Experian, and TransUnion – which accounted for one million of the 1.1 million complaints regarding credit and consumer reporting. The second most common complaint type filed with the Bureau was debt collection. The CFPB said it sent more than 70,000 debt collection related complaints to companies, with most consumers requesting debt validation.
Student Loan Payments Play Role
In addition, the CFPB noted student loan repayment began for the first time in three years, which led to additional complaints.
“After entering repayment, borrowers reported persistent difficulties in accessing customer service, delays in refunds for payments made during the coronavirus (COVID-19) payment pause, processing delays when attempting to access different repayment programs, and problems with qualifying payment counts for forgiveness programs, among other issues,” added the CFPB.
Focus on P2P Fraud
The CFPB also highlighted the prevalence of complaints stemming from fraud, particularly related to peer-to-peer payment platforms.
The Bureau noted it will “continue monitoring complaints, and how companies respond, to meet its statutory obligations and to ensure that consumers remain at the center of its policymaking efforts.”
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