Alert November 13, 2012

CFPB Accepting Complaints on Credit Reporting Companies

The CFPB is now accepting consumer complaints on credit reporting, as part of its supervision of consumer reporting agencies, which began on September 30, 2012 (see July 24, 2012 Alert). In making the announcement, the CFPB stated that consumers should first file a complaint with the credit reporting company at issue to preserve their rights under federal consumer protection laws. However, where a credit reporting company either does not respond or provides an unsatisfactory response, individual consumers will be able to file complaints with the CFPB on issues such as credit monitoring and identity protection services, obtaining copies of credit scores or reports, and/or the agency’s investigation of disputes. The CFPB expects consumer reporting agencies to respond to consumer complaints within 15 days with information on the steps the agency plans to take or has already taken. The CFPB also issued a consumer advisory on credit reporting.