Are you tired of being ignored by credit bureaus when disputing errors on your credit report? Do you feel like you're not being heard, especially if you're a minority group that can't afford legal counsel?
A recent expert by Joeziel Joey Vazquez-Davila, CEO of Credlocity, reveals the credit bureaus' systemic failure to properly investigate disputes submitted by consumers. The report highlights the common stall tactic letters that credit bureaus use to delay and ignore disputes, the complete disregard and ignoring of disputes without a response, and the neglect of disputes submitted by credit repair companies.
According to public record statistics, these issues are the most common type of complaint filed with the CFPB and FTC about credit bureaus ignoring disputes. The report cites legal cases where Transunion, Equifax, and Experian have all been found to willfully violate consumer protection laws and the FCRA, including the 2017 settlement with Equifax for $700 million.
Minority groups are particularly affected by these issues since they often can't afford legal counsel to vindicate their rights in court for violation of the FCRA and other consumer protection laws.
The report also suggests legislative and rule-based solutions to these issues. These include amending the FCRA to add a more defining definition of reinvestigation and what the term "reasonable" should actually mean. Additionally, the Credit Repair Organizations Act should be amended to specifically repeal the TSR that the CFPB is enforcing and add a new subsection to authorize credit repair companies to act on a client's behalf with a valid power of attorney.
The report urges private credit repair companies to create reports like this to bring awareness and push for change. The FTC and CFPB should make rules private right of actions so that consumers can file lawsuits for violations of the Rules issued by the agencies.
It's time for the credit bureaus to start listening to consumers and properly investigate their disputes. Don't let your credit report errors go unnoticed! Stay informed, take action, and share this report with others who may be affected.