CFPB Fixes Credit Reporting

03/06/2017
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The CFPB is reporting that they have fixed credit reporting issues.  Is this what you’re seeing?

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11 thoughts on “CFPB Fixes Credit Reporting”

  1. Dave says:

    Being in the credit reporting business for 20• years I understand how broken the repositories have been.

    One of the things the CFPB did was fix e-Oscar to provide the follow of information in two ways.

    For more on that you can watch this https://thecreditguy.tv/cfpb-mandates-change-oscar/

    The other thing I have heard is that if you want to get quick response from a collection company let them know you will be reporting your experience to the CFPB

    There is also the national assistance plan agreement that the repositories have agreed to (https://thecreditguy.tv/national-consumer-assistance-plan/) wile the CFPB did not have a direct roll I am sure it influenced the repository action.

  2. Kirk says:

    It’s Hard to tell. Most customers don’t know what’s on their credit report. Often a collection will be on a customers report and the customer knows nothing about it. Typically it’s a medical collection that the customer didn’t know about. They report for a few months then stop reporting (most likely after being paid by insurance) But the creditor never updates the reporting after being paid and reflect the zero balance. I see this lack of updating the final reporting to be a far bigger issue than the items you mentioned in the video today.

  3. Jack says:

    I’ve been in lending for many years and thought I knew everything about debt reporting but I was blindsided by a series of derogs reported by Wells Fargo Dealer Services. I made “late” payments on a car loan but always less than 30 days late. Well, even if a payment was made one day after the due date, Wells can report it as “late” and charge fees. Now, I have two other car loans and never had this issue with the other lenders, so was stunned. I wrote, faxed my complaint to WFDS with no satisfaction, just told to piss off. I eventually had a manager explain that WFDS doesn’t have to follow the same guidelines as a credit card company and hence they were unwilling to overturn the dings. Even though I have my mortgage, checking and savings with WF, they couldn’t care less. I then reported the disputes to the 3 repositories and now they show as “Disputes”. I also reported the incident to the CFPB – We will see what happens…The CFPB proudly states “over a million complaints have been addressed by the CFPB. Certainly many more complaints than all of the mortgage related “excesses”. Right?

  4. Dianne Alhaik says:

    I refer my real estate clients who have these issues to a credit repair company (i.e., New Start Credit in Sacramento). For about a couple of hundred bucks, they can fix incorrect credit info much faster than the individual themselves. For some reason, the credit bureaus seen to sit up and take notice and respond faster to fixing credit inaccuracies when dealing with a credit repair company.

  5. Douglas Greenspan says:

    When is the CFPB going to focus on consumer interest rates. Loan rates have gone up over a point with just a half point change in the Fed Funds Rate. Consumer rates being paid on accounts have not budged. I was also wondering what is the opinion of charging more for not having the mortgagor hold escrow funds?

  6. Brandon says:

    What’s the latest on requiring Utility companies and Cell services to report payment history to the Credit Bureaus. Its a key factor in the customer’s propensity to pay on time over long periods of time.

  7. Raymond Oshman says:

    I have not seen any changes in accuracy. Lingering old “disputed” language continues to be a problem in that the consumer must have that language removed. I now have a database of special numbers for each repository for the consumer to call to expedite the process. Also, still have problems with collection agencies reselling the accounts and starting a brand new derogatory trade line in violation of the Fair Debt Collection Act and CFPB does nothing about this.

  8. Sean D says:

    Given how much we now pay for each credit report at the end of a transaction (especially purchase), it’s about dang time. The price of post Dodd-Frank credit reports sky rocketed for anyone in the know.

  9. Gary J Heinecke says:

    I often clean up credit reports for free . In fact in doing a credit rush it costs me 105 to 135 for 1 item to be expedited. I cleaned up a Veterans credit who was dealing with a violation of the Sailor’s relief act by first calling them with the client present . They treated him like garbage so I contacted TREY Gowdy’s office who actually took 45 minutes of his time out of his unbelievably busy schedule to talk with us. He sent a Congressional demand or investigation to the company NAVIENT. They seriously violated this client’s rights. AFter cleaning up the credit and removing this item I spent my own money because we are not allowed to be paid according to Equifax and SC TO FIX THIS. IT WAS A TREMENDOUS BOOST TO HIS SCORES and if anyone knows this having a federal student loan rating delinquent prohibits anyone from getting a federal loan including VA. This man fought for our country . Lastly he received a check for $14,000 for this violation !

  10. Vicki Williams says:

    I hope others will file complaint.

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