FROM : THE WASHINGTON POST - 3/17/2023
Advice by Michelle Singletary
Consumers rip into credit bureaus as complaints climb again
Grievances against TransUnion, Equifax and Experian dominated Consumer Financial Protection Bureau complaints in 2022 TransUnion, Equifax and Experian did it again.
The three major credit bureaus topped the list of complaints submitted to the Consumer Financial Protection Bureau in 2022, amassing nearly twice as many as the year before. Though, to be fair, they also did a better job responding to those grievances.
Consumers reached out to the CFPB for help with errors in their files as well as problems with investigations of their complaints. All told, there were 604,221 complaints tied to the credit bureaus, compared with 307,548 in 2021, according to a report released this month by the U.S. PIRG Education Fund, a nonpartisan consumer advocacy group. That’s more than any other category of financial firms.
Issues with your credit history aren’t just a paper headache. They can result in lower credit scores, which in turn can affect the cost of a loan and other financial issues.
To: SECU Board of Directors
Dear Chairman Ayers,
Getting to seem that everybody but you and the SECU Board understands the
problem with credit scores. The credit bureaus have told you that
credit scores cannot predict individual member defaults - period. Yet, you persist in using this imperfect, highly discriminatory measure as an excuse for overcharging 50+ % of the membership on loans.
Why is it again, that you choose to believe a credit bureau score and not believe the honest, trustworthy members, who may have experienced an unexpected, real life problem? And, with the dismissal of the Member Loan Review Committees, you now refuse to even listen to your fellow members!
And, why do SECU members have to spend their time correcting someone else's reporting error on their credit report; while you and the SECU Board pull a "Pontius Pilate"...?
... you, Mr. Ayers, can try and "wash your hands" of the responsibility for this debacle, but no one thinks your hands are clean.