June 10th, 2016
By James D. York, P.A.
For the past several years, the Consumer Financial Protection Bureau (CFPB) has been working to help Americans resolve errors in their credit reports. Since 2012, the U.S. government agency has responded to over 140,000 complaints of inaccurate credit report information, mistakes that can have far-reaching consequences for loan and job eligibility.
According to CFPB’s director Richard Cordray, "Credit reports are the foundation of consumers' financial lives. Consumers continue to express their frustration about inaccurate information on their credit reports and difficulty in getting these errors fixed. We will continue to work to ensure that credit report disputes are investigated, errors are fixed and consumers are treated fairly.”
Around 95% of the complaints involved Equifax, Experian and Transunion, the three nationwide credit reporting companies. Specialty reporting companies screening specifically for employment, rental, checking accounts, insurance, and background checks, were cited in some 2,000 complaints as well.
Around three-quarters of complaints centered on debt-reporting errors, such as showing debts that have actually been paid off or are no longer due because of lapsed time. Consumers also frequently report struggles with customer service when they try to get errors corrected. If you have any of these issues, CFPB can help—and they also offer tips for consumers who want to improve their credit scores. Just visit http://www.consumerfinance.gov.
Connect With York Real Estate Group
York Real Estate Group consists of James, Michael, and Morgan York, Florida Realtors with Downing-Frye Realty. James York is the winner of the prestigious 2014 and 2015 SWFL People’s Choice Realtor Award. The group has over 25 years combined experience and over $250 million in sales transactions. Visit The York Group online at www.naplesyorkrealestate.com for all current MLS listings of houses for sale in Naples, Marco, Bonita, and Estero. If you have other questions, the Yorks invite you to email or call them at JYorkinFL@cs.com or 239-273-6727.