credit reporting

Although debt collection has been a longtime leading issue reported to the Consumer Financial Protection Bureau (CFPB), during the COVID-19 pandemic, another issue emerged as the nation’s number one consumer concern: credit reporting errors. 

Although credit accounts enable widely accepted alternatives to cash transactions, the convenience of both debit and credit cards can also become costly when patterns of errors and inaccuracies emerge in credit reports. In just one year — 2020 — over 300,000 complaints were filed with federal financial regulators concerning credit or consumer reporting.