Credit reporting complaints soared 56% in July, according to the latest Consumer Financial Protection Bureau monthly consumer complaints report. Of 26,704 complaints filed in July, 31% related to debt collection and 25% – 6,696 – concerned credit reporting.
Those are raw numbers of consumer complaints. Additional details for how many of the debt collection or credit reporting complaints are auto-related will be forthcoming, once lenders have had a chance to respond, the CFPB said.
“Whether a consumer is trying to get a mortgage, apply for a student loan, or buy a car, credit reports are fundamentally important in allowing people to access their financial goals,” said CFPB Director Richard Cordray, in a statement. “As we see a rise in the number of consumers complaining about this issue, the Bureau will continue to work to ensure that credit reports are fair, accurate, and readily available to all consumers.”
Credit reporting problems are definitely on the CFPB’s radar in auto finance enforcement. In three consent orders in 2014, the bureau cited Consumer Portfolio Services, DriveTime Automotive Group, and First Investors Financial Services Group for alleged violations of rules governing “furnishers” of consumer credit information to credit reporting bureaus.
Consumers named the three major credit bureaus — Equifax, Experian, and TransUnion — in about 97% of all credit reporting complaints submitted to the CFPB in July, according to the complaint database available on the agency’s website.
