Consumer complaints about credit or consumer reporting continued to increase in 2023, according to the Consumer Financial Protection Bureau’s latest annual report.
Details: In the report, the CFPB said:
Of the more than 1.6 million complaints the CFPB received in 2023, it sent 81% to companies for review and response, referred 6% to other regulatory agencies, and found 13% to be not actionable.
More than 1 million of the complaints went to the three nationwide consumer reporting companies: Equifax, Experian, and TransUnion.
Consumers also raised issues about fraudulent activity in nearly every product category, including credit or consumer reporting, debt collection, checking or savings accounts, and credit cards.