Credit reports are used to make decisions that affect every facet of peoples’ lives. Credit reports compiled by consumer reporting companies are used by lenders, insurers, employers, landlords, and others—yet these reports frequently contain errors. By one estimate, one in five Americans has an error on at least one credit report.
HOUSTON – U.S. Credit card debt recently hit a record $1 trillion and research shows that 42% of college students are a large part of that number.
The Consumer Financial Protection Bureau said that higher interest rates have wreaked havoc on the mortgage market, causing monthly payments to skyrocket for new homebuyers while lenders denied more applicants from getting home loans due to insufficient income.
At the Consumer Financial Protection Bureau, consumer complaints help drive our work. They give us insight into what individuals and families are experiencing in the financial marketplace: the problems they face, what’s happening at certain companies or with financial products, and the places where we might need to focus our supervisory and enforcement efforts. Each week, we send more than 20,000 complaints to companies for response, and last month, we published our four millionth complaint.
The Consumer Financial Protection Bureau (CFPB) is moving forward with a rulemaking proposal to change the process of reporting medical debt on consumer credit reports.
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