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by David M. Gettings, Tim J. St. George and David N. Anthony
On August 25, the Consumer Financial Protection Bureau released its monthly consumer complaint snapshot, which included a focus on complaints regarding credit reporting. According to the snapshot, the CFPB has handled 105,000 credit reporting complaints, making them the third most popular type of complaint received by the CFPB. The CFPB received nearly 7,000 credit reporting complaints in July 2015 alone – the highest number of monthly complaints that the CFPB has received to date.
The CFPB’s snapshot highlighted several significant trends with respect to consumer reporting complaints. These included the following:
The CFPB’s monthly report also included figures regarding credit reporting complaints by state. California, Texas, and Florida lead the nation in total number of complaints. Hawaii, however, leads the nation in percentage increase in complaints, with a 279% increase in complaints from the corresponding three-month period the previous year.
Although the CFPB’s report provides interesting insight into the number and type of complaints the CFPB receives, it also serves as a reminder of the CFPB’s increased focus on credit reporting agencies’ responsiveness to consumers.
Read more at Consumer Financial Services Law Monitor by Troutman Sanders LLP.
Troutman Sanders LLP is an international law firm with more than 600 lawyers in 16 offices located throughout North America and Asia. Founded in 1897, the firm’s lawyers provide counsel and advice in practically every aspect of civil and commercial law related to the firm’s core practice areas: Corporate, Energy and Industry Regulation, Finance, Litigation and Real Estate. Firm clients range from multinational corporations to individual entrepreneurs, federal and state agencies to foreign governments, and non-profit organizations to businesses representing virtually every sector and industry. See troutmansanders.com for more information.
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