The Four Most Important Takeaways from the CFPB’s Brutal Analysis of the Credit Reporting System
The Consumer Financial Protection Bureau (CFPB) yesterday released a major report detailing how an already broken dispute process in the credit reporting system has gotten even worse, reaffirming the need for every American to have the right to get help navigating this. The CFPB found that consumers were provided relief on just 2% of complaints in 2020, […]
Credit Reporting Agencies Deflect Blame, Offer No Remedies for Surge in Consumer Dissatisfaction with Credit Reporting System
Washington, DC—Representatives of the three national credit reporting agencies (CRAs) provided consumers no answers for how they were going to make the credit reporting system more responsive at a House Financial Services Committee hearing prompted by an unprecedented surge in consumer complaints. Equifax, Experian, and TransUnion were called to testify after the Consumer Financial Protection […]
House Financial Services Committee Holds Hearing on Consumer Credit Reporting
Today, the heads of Equifax, Experian, and TransUnion will testify before the House Financial Services Committee for the increase in consumer complaints to the CFPB. Washington, DC — Ahead of today’s hearing on Consumer Credit Reporting: Assessing Accuracy and Compliance Liz Shrum, Senior Advisor and Spokesperson for the American Association of Consumer Credit Professionals (AACCP), […]
ICYMI: American Banker Reports on a Surge in Consumer Complaints Against the Credit Reporting Industry
On Wednesday, the heads of Equifax, Experian and TransUnion will testify before the House Financial Services Committee for the increase in consumer complaints to the CFPB. Washington, DC — Late last month, The American Banker covered a massive and unprecedented “2020 spike” in complaints from consumers to the Consumer Financial Protection Bureau (CFPB) regarding errors […]
Consumer Credit Industry Applauds Texas Court Ruling
Consumer credit advocates are recognized for their legitimate role in advocating on behalf of the consumer for access to fair and accurate credit Washington, DC – On Thursday, April 1, 2021, the United States 5th Circuit Court of Appeals affirmed a decision from the United States District Court for the Northern District of Texas and […]
Debt Collectors are Still Abusing Consumers Despite Covid Relief Limits, Says Consumer Financial Protection Bureau Annual Complaint Report
Consumer Financial Protection Bureau Annual Complaint Report Reveals Stark Increase in Complaints on Debt Collectors by Consumers WASHINGTON, DC – The following statement was issued by the American Association of Consumer Credit Professionals. “Earlier today, the Consumer Financial Protection Bureau (CFPB) released its Annual Report on consumer complaints for 2020, revealing that despite protections put in […]
AACCP Applauds Good News for American Consumers: Help Is On the Way
WASHINGTON, DC – This has been a better week for American consumers. Congress passed a new round of Covid relief with additional direct payments to most American consumers and extended unemployment benefits. Weekly jobless claims are still unacceptably high, but they were at a four-month low this week. And the House Financial Services Subcommittee on […]