cancel
Showing results for 
Search instead for 
Did you mean: 

New blog article: A Breakdown of the CFPB's Latest Analysis on Credit Report Disputes

tag
Elizabeth_FICO
myFICO Employee

New blog article: A Breakdown of the CFPB's Latest Analysis on Credit Report Disputes

Hello everyone! If there's a new blog article that I think you guys might like I plan on posting it in the Forums.

 

This week's article is: A Breakdown of the CFPB's Latest Analysis on Credit Report Disputes

 

Let me know what you think about the article.

 

For more content don't forget to check out our blog.

Message 1 of 2
1 REPLY 1
NRB525
Super Contributor

Re: New blog article: A Breakdown of the CFPB's Latest Analysis on Credit Report Disputes

Interesting article. I followed the link to the CFPB document and this Figure 2 seems to be saying a lot. Four types of credit products, student loan, car loan, store card and bank credit card. The first two, it seems to me someone has one, they typically only have one, rarely have two. Store cards, also typical few, rare cases multiple. Credit cards, however, typically multiple, especially in the Prime and Super Prime categories.  Note the "not disputed" proportions, and keep in mind in all these graphs 98%+ of the borrowers are NOT disputing during this study period. 

So right off, you've got a massive population of Super Prime cardholders in this Bank Card group. They are probably well established, keep up on their credit, and could be expected to question their data. The super prime are questioning their data less often, proportionately, than  deep sub-prime, but this group has so many more cards it skews the graph a bit. 

For the auto loans and student loans, I read this as the lower credit scores are getting a complicated credit product, that they might not be familiar with, yet it comes with required payments. Again, these folks probably only have one loan in this class, and aren't as stable in their financial situation. So that leads to more disputes being filed. 

5FBF94DD-A038-441B-BADE-ED082F71D6B0.jpeg

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765
Message 2 of 2
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.