November 19th, 2013 10:01 am | by NIGEL JAQUISS News | Posted In: Politics

OSPIRG Report Examines Credit Reporting Agencies


The OSPIRG Foundation today released a report "Big Credit Bureaus, Big Mistakes" examining Oregonians interactions with the three large credit reporting agencies, Equifax, TransUnion and Experian. 

OSPIRG gleaned its information from a federal consumer complaint database.

Here are the report's primary findings:

         Oregon ranks 18th in complaints per 100,000 residents. Residents of the District of Columbia were most likely to complain.
·         The most complained-about credit reporting agency in Oregon is Equifax.
·         By far, the most common problem was incorrect information on a credit report, which accounted for 65 percent of complaints.
·         The CFPB has helped enable nearly 3,000 consumers, or 30 percent of total complainants, to receive relief such as fixing incorrect information on a credit report or refunding service charges or fees related to credit reporting.
·         The ‘big three’ nationwide credit reporting agencies (NCRAs) — Equifax, TransUnion, and Experian — varied widely in how they responded to complaints. Equifax responded to 63 percent of its complaints with non-monetary relief, while Experian did so in only 5 percent of cases and TransUnion in 22 percent. Equifax provided monetary or non-monetary relief nearly three times as often as TransUnion and more than 10 times as often as Experian.
·         Consumers disputed the companies’ responses to about 18 percent of all complaints.

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