New Bureau Could Help You Fix Your Credit

A new bureau is helping consumers address various issues they are having with credit reporting agencies.
fix your credit sign
By AmOne
Updated on: November 14th, 2022

fix your credit sign Fixing errors on your credit report is one of ways you can repair your credit and raise your credit score. Many people use credit repair services and some may try to fix errors on their credit report by directly contacting the companies who they believe made false claims on their report.

Now there is someone else you can turn to if your efforts are not enough. The government has established the Consumer Financial Protection Bureau (CFPB).

The CFPB will be helping consumers address problems with inaccurate reporting on their credit report. The watchdog agency will be working to investigate the improper use of credit reports, problems with identity theft protection services, inaccurate information on credit reports, and the inability for consumers to obtain their credit report and scores.

Although credit reporting agencies say that a majority of their reports do not contain errors, consumer advocacy groups have found they usually do have plenty. The National Association of State Public Interest Research Groups reported several years ago that almost 79 percent of all credit reports had some type of error.

Earlier this year the Columbia Dispatch investigated 30,000 complaints filed with the Federal Trade Commission (FTC) alleging violations from the 3 largest credit reporting agencies in the United States. Consumers complained about incorrect credit claims, incorrect personal information and in about 200 cases consumers were being claimed deceased by the agencies.

More than half of the complaints to the FTC stated they had tried to fix the issues but could not persuade the credit agencies to resolve them.

The CFPB will require consumers to go through the credit agency complaint process before they contact the bureau.

The Takeaway

False claims that are not immediately fixed can cause many problems from consumers including high interest rates, loan denial, extra fees, and more. Don’t let your credit get ruined by false or incorrect credit report claims. AmOne can help you get started on repairing your credit. Find services that will help you get on your way to having better credit. Contact AmOne today for more information.