When Half Assing Represents Big Improvement, You’ve Got Problems
Credit bureaus applauded for finally showing up for customers
On the heels of a report that the three major credit bureaus (Experian, Equifax, and TransUnion) are improving their customer responsiveness, consumer advocates are applauding the notable improvement.
Chi Chi Wu, a staff attorney at the National Consumer Law Center (NCLC) said of the report:
“Today’s CFPB report shows real and meaningful progress towards taming the dysfunctional oligopoly that is the Big Three credit bureaus. The credit bureaus are providing more substantive responses to complaints filed with the CFPB, with tailored responses in over 50% of cases. They are providing greater rates of relief — an increase from the abysmal 2% documented in the CFPB’s January 2022 report.
“We are thankful that the New Year has started off with positive results from the CFPB’s intense scrutiny of the credit reporting industry over the past year to push back on that oligopoly’s half century of poor…
