Credit reporting complaints ‘skyrocket’ to new record, report finds

69% of all complaints were against the big three bureaus
Published: Apr. 12, 2023 at 2:56 PM CDT
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InvestigateTV - A recent report by the U.S. Public Interest Research Group (US PIRG) found complaints against credit reporting agencies nearly doubled from 2021 to 2022.

According to the report, credit reporting complaints made up 75% of the more than 800,000 complaints made by consumers last year to the Consumer Financial Protection Bureau.

“Consumers are complaining that the credit reporting system is stacked against them, because the credit reporting bureaus don’t listen, don’t fix mistakes and don’t reply to consumers at all,” Ed Mierzwinski, senior director of U.S. PIRG’s Federal Consumer Program, said.

Mierzwinksi, who wrote the report, found 69% of consumer complaints were against the big three credit bureaus: Transunion, Equifax and Experian.

Mierzwinkski said the increase in complaints is concerning because having a bad credit score can impact your ability to buy a house, secure a loan, or get a job.

“In this tough economy, you want your credit report to be accurate,” he said. “The consumers are saying, they’re not accurate. Consumers are saying, they’re not listening to me.”

We reached out to all three major credit report companies to get their thoughts on the report. The Consumer Data Industry Association (CDIA) replied on their behalf:

Mierzwinski recommended using the Consumer Financial Protection Bureau’s (CFPB) complaint database to search complaints by company to see others’ experiences.

If you do run into an issue, he suggested filing a complaint with the CFPB and your state attorney general’s office.

But at the end of the day, your best bet to avoid a low credit score is to make every effort to pay your bills on time, Mierzwinski said.