Last week the Consumer Financial Protection Bureau began accepting complaints about credit reports. Credit reports affect whether or not you are able to get a credit card or a loan, the ability to rent an apartment or get hired, and even simple things like getting a cell phone. It also can affect how affordable or expensive these things will be for you.
You are entitled to one free credit report per year from each of the three credit reporting bureaus: Experian, Equifax and TransUnion.
It is extremely important to ensure that the information on your credit report is accurate. The best way to monitor your credit report is to stagger each report throughout the year. If you request a credit report every four months, you will be able to compare each agency’s report and check for errors or fraudulent accounts.
The CFPB can now help consumers with individual-level complaint assistance on issues with their credit report. The types of complaints you can submit to the CFPB include:
- Incorrect information on a credit report
- A consumer reporting agency’s investigation
- Improper use of a credit report
- Being unable to get a copy of a credit score or file
- Problems with credit monitoring or identify protection services.
Before filing a complaint with the CFPB, try filing a dispute directly with the credit reporting company itself. There are important consumer rights guaranteed by federal consumer financial law that are best preserved by you first going through the credit reporting company’s complaint process. Contact the CFPB for additional information on your rights.
After you file a complaint with the credit reporting company, if you are dissatisfied with the resolution, file a complaint with the CFPB.
Forced Arbitration: What the CFPB is doing to further protect consumers posted on Oct 27
The Consumer Financial Protection Bureau, or CFPB, was created by the federal government as a result of passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act to regulate financial products and protect consumers in the market. What is “forced arbitration?” Forced arbitration …Continue Reading Forced Arbitration: What the CFPB is doing to further protect consumers
Health Insurance Open Enrollment posted on Oct 24
Looking for health insurance for you or your family and your employer doesn’t offer it? The Commonwealth’s Health Insurance Connector’s Open Enrollment begins this year on November 1, and continues through January 31st, 2017. Massachusetts and federal law prohibit consumers from purchasing an insurance plan outside of the Open Enrollment period unless there is a qualifying event, such as a birth or adoption of a child, marriage, divorce, loss of insurance through employer, etc.
Have a Safe and Spooktacular Halloween posted on Oct 24
Halloween is a night of tricks, treats, and lots of fun. Unfortunately it’s also anight when people often forget to exercise caution. The Office of Consumer Affairs and Business Regulation would like to provide everyone with a few tips to help make this Halloween a …Continue Reading Have a Safe and Spooktacular Halloween