Sloppy Credit Bureaus, Sketchy Credit Doctors Slammed by Trifecta of CFPB, State AGs, and Consumer Lawyers (2/4)

Credit Score Rating Checklist

This is part two of a four-part series that looks at how inaccurate credit reporting is being fought by a attorneys, the CFPB, and state AGs. You may read Part 1 here.

On July 1, thanks to the efforts of a bi-partisan, multi-state enforcement effort by 31 state Attorneys-General, 12 million consumers will see their credit scores increase by up to 20 points; 700,000 of them will see increases of as much as 40 points as certain negative public records, including tax liens and court judgements, drop off their credit reports.

This is due to the fact that the bureaus (Experian, Equifax and Transunion) have often failed to adequately match the often-scant court records with the full name and Social Security Number of the consumer to meet the Fair Credit Reporting Act’s “maximum possible accuracy” standard.

 

http://www.uspirg.org/blogs/eds-blog/usp/sloppy-credit-bureaus-sketchy-credit-doctors-slammed-trifecta-cfpb-state-ags-and