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.
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