Credit reporting, credit repair services, or other personal consumer reports -- Problem with a credit reporting company's investigation into an existing problem -- Complaint #5632262

Complaint Overview

Complaint ID: 5632262

Company: Equifax, INC.

Product: Credit reporting, credit repair services, or other personal consumer reports

Sub-Product: Credit reporting

Issue: Problem with a credit reporting company's investigation into an existing problem

Sub-Issue: Their investigation did not fix an error on your report

State: District of Columbia

ZIP Code: 20009

Date Received: 2022-06-03T12:00:00-05:00

Date Sent to Company: 2022-06-03T12:00:00-05:00

Company Response: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A

Submitted Via: Web

Consumer Narrative

Nine out of ten times issues need less governmental regulations. This is that one time more governmental regulations are needed. I am not sure if this is in your purview or needs an act of congress. But there needs to be more oversight and regulations concerning the three credit reporting agencies. Credit reporting agencies need to work for consumers and not for the CEO, their shareholders, or anyone else, but consumers. Consider these factors that need attention. ISSUE : Items appearing on your credit report. The current regulations state that credit inquiries remain on your credit report for 2 years while bankruptcies remain on your credit report for 7 to 10 years depending on the type of bankruptcy. These old regulars need to adapt to today 's reality. First, inquiries should be on ones credit report no more than 1 year and automatically drop off without a consumer having to request that they be removed. Bankruptcies while a relief can also be a hindrance. They should only remain on ones credit report for no more than XXXX to 5 years. If they are to be relieved they should not follow the consumer for almost a decade. Consider how companies can escape so much, but consumers cant. Case in point, student loans. ISSUE : Score inconsistencies between all three credit reporting agencies. Regulations are needed to ensure that credit scores are similar across all three credit reporting agencies when there are no differences. For example, my XXXX score is XXXX points higher than my XXXX score. Yes, XXXX points. Depending on which agency a company utilizes means the difference between getting a mortgage or employment. It is daunting to have to keep up with XXXX credit agencies where inconsistencies occur between all three. ISSUE : Credit Reporting Agency Compliance. The process in which a consumer can complain about a credit agency needs to be simplified where there are real consequences when a credit agency does not comply. Agencies take their time to make corrections and when you factor that the damage has already been done, what can consumers do? Credit reporting agencies have to work for consumers. There can be nothing less. This is the age of the consumer and we need to start making credit reporting agencies work for consumers. Thank you for your time. I look forward to your thoughts and response.

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This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.

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