Credit reports play a major role in financial transactions, especially in consumer lending decisions such as mortgage loans, auto loans, and private student loans. Credit reporting complaints have shown the “greatest monthly percentage increase compared to other products.” Some of the main complaints include:
- Incorrect information on credit reports
- Inability to access credit reports, and
- Problems disputing errors with credit reporting companies
Problems with credit reports can have drastic effects on the personal and financial lives of the consumer. Arguably the most concerning complaint is the presence of incorrect information on credit reports. This is the number one complaint received from consumers submitting credit reporting complaints.
One consumer in particular had to seek the help of the Consumer Financial Protection Bureau (CFPB) after unsuccessfully trying to remove an outdated bankruptcy from his credit reports. Additionally, a complaint from the CFPB’s Consumer Complaint Database stated, “I had a credit report pulled with my financial institution and there was a social security number on it that does not belong to me.”
Incorrect information such as incorrect social security numbers and outdated bankruptcies is especially troubling due to the unfair financial results that may occur. If bad credit is holding you back from getting a loan, you may be able to improve the situation by contesting information on your credit report. Contact us to find out how.