CFPB assisted me twice

[Anonymous]

I had a creditor reporting incorrect information on my credit reports.  Apparently, I wasn't the only one.  CFPB ordered the creditor to stop reporting and remove the accounts that were incorrect for all consumers involved.  Mine was removed but about a year later,  a collection agency began reporting the same account and reported incorrect information.  I filed an online complaint with the CFPB and in less than 2 weeks, I received a letter of apology from the collection agency and the account was once again removed.  That's twice the CFPB helped me the small consumer battle big companies. 

With what's going on with CFPB and the possibility of it no longer being a consumer friendly agency,  if you have a situation it can handle, start writing to CFPB now!

[Anonymous]

CFPB is changing under current White House. I suspect new rules will be introduced that will not benefit consumers and will make it harder for CFPB to force companies to treat consumers fairly.  CFPB has been an extremely helpful resource for so many rebuilding credit.

https://www.washingtonpost.com/news/business/wp/2017/11/27/at-the-cfpb-two-acting-directors-show-up-...

[Anonymous]

Well, I think this statement from Mulvaney really says it all regarding how useful the CFPB will be to consumers if he's heading it:

Trump “wants me to get it [the agency] back to the point where it can protect people without trampling on capitalism,” Mulvaney said.

All that statement says (to me) is that the Trump administration finds that the organization is too consumer friendly. Sigh.

[Anonymous]

---

@Anonymous wrote:

Well, I think this statement from Mulvaney really says it all regarding how useful the CFPB will be to consumers if he's heading it:

Trump “wants me to get it [the agency] back to the point where it can protect people without trampling on capitalism,” Mulvaney said.

All that statement says (to me) is that the Trump administration finds that the organization is too consumer friendly. Sigh.

---

Yes I totally agree. I think people don’t realize what we are losing. CFPB has been so helpful to consumers that big companies are insisting Trump administration change it immediately. 

[Anonymous]

The idea that consumers needing assistance from the CFPB are "trampling on capitalism" is actually comical. Apparently, people who just want their credit reports to be fair and accurate are the enemy of capitalism. 

[Anonymous]

In the post above, the artcle the link points to does not mention the CFPB at all! What the article does is advertise a law firm.  That is not what this post is all about.  I hope the moderators remove the post above. At this forum, paying lawyers to do what we can do on our own is not popular at all.  Also, it's ironic that within a posting about CFPB you are trying to draw people to a law firm.  CFPB is why your law firm is not needed.  CFPB can assist with collections and no need for a law firm.

[Anonymous]

I have a similar problem on my credit reports. On TransUnion it shows as an "open account" and "Debt Buyer" and on Experian is shows as "closed" and "Factoring Company". I'm not sure if that's a very strong case, but it would be nice if you could PM me or reply here with any suggestions on how to go ahead with the complaint. 

[Anonymous]

Utd11 - I'd suggest looking at the CFPB website. The OP states they disputed through that site so I would imagine you'd find information there. Alternatively, you can write directly to the CA and tell them they are in violation of whatever statute it is under the FCRA and ask that they delete the entire TL. 

I *think* I read another post written by you (Utd11) regarding this same issue. Is it that PRA is reporting as different company types on your CR's and they said they have to do it that way? (Obviously, I'm condensing the issue quite a bit!) If so, that's garbage because PRA is (was?) reporting as a "debt buyer" on all three of my CR's. I say "was" because as of this morning the account is mysteriously removed from 2 of the 3 bureaus. I'm guessing it's in response to a PFD letter I sent 2 weeks ago. My assumption is they are going to reinsert the TL in a few days. From the reading I've done, it's one of their go-to moves to mess with consumers. If that's the case, I am going to sue them. They have a right to collect a debt. I have offered multiple times to pay that debt in part and in full. I will comb every law journal and inch of the internet in order to find a valid reason to sue. Removal and reinsertion is harassment.

[RobertEG]

I do not recommend filing complaints with the CFPB based on accuracy of credit reporting without first having filed a dispute under the FCRA and receiving a verification of accuracy of the information.

Complaints to the CFPB asserting violation by the reporting of inaccurate information should normally be reserved for situations where the furnisher (creditor or debt collector) has responded to the dispute by reporting back to the CRA verification of the accuracy of their reporting.

Violation is based on willful or negligent reporting of inaccurate information, and not simply upon having reported inaccurate information.

Congress removed from consumers the right to private civil action based only on the reporting of inaccurate information.

The FCRA provides a dispute process for noticing furnishers of possible inaccuracies, and compelling a reasonable investigation of the accuracy of their reporting.  It then becomes the reasonableness of that investigation that becomes the issue.  

If a furnisher verifies the accuracy of their reporting in a dispute process, FCRA 623(c) then subjects them to civil action, based not on the reporting of inaccurate information, but rather upon their lack of a reasonable investigation of your dispute.

You should normally complete that dispute process, and thus obtain an investigation of the accuracy, before asserting a violation of the FCRA via a complaint to the CFPB or other government agency.