Consumer Group Applauds CFPB for Report on Failures of Credit Bureaus
Calls for Action, Reform Now
Following a report from the Consumer Financial Protection Bureau (CFPB) on the failings of the Big Three credit bureaus when it comes to resolving consumer complaints, the Public Interest Research Group (PIRG) issued a call for reform of the industry.
Consumer Advocates Call for Reform of Credit Bureaus | by Andy Spears | Jan, 2022 | Medium
PIRG noted:
For over 30 years now, PIRGs have fought for changes in the private credit reporting system that the Big 3 bureaus dominate. A summary of our own findings is this: The big 3 credit bureaus function as self-appointed gatekeepers to financial and employment opportunity. Their oligopoly has been an epic fail for consumers.
The CFPB has indicated it is taking the issue of reform seriously.
“America’s credit reporting oligopoly has little incentive to treat consumers fairly when their credit reports have errors,” said CFPB Director Rohit Chopra. “Today’s report is further evidence of the serious harms stemming from their faulty financial surveillance business model.”
PIRG joins other consumer advocacy groups in calling for reform in the credit reporting industry.
