BOSTON — Consumer complaints about credit reporting companies nearly doubled from 2021 to 2022, according to an analysis released Thursday by the MASSPIRG Education Fund.
MASSPIRG is a consumer advocacy group and it tracked the number of complaints to the U.S. Consumer Financial Protection Bureau. The “Big 3″ credit bureaus -- TransUnion, Equifax and Experian -- received more complaints than any other financial firms in 2022.
“These record credit reporting complaints show that consumers are frustrated with a system that won’t let them show their true qualifications to prospective creditors, employers or landlords,” said Deirdre Cummings, consumer program director with MASSPIRG Education Fund. “Americans describe a system rigged against them in the stories they file into the CFPB database.”
Here in Massachusetts, more than 8,800 consumers reported issues with a credit report last year. Cummings told Boston 25 that a mistake on a credit report can impact your ability to get a loan, a job, and a place to live.
“Credit reporting agencies hold the key to our financial future. If you don’t have a good credit report, a report that’s not filled with errors, you’re going to be charged higher rates. It might be hard to close on that house you’re trying to get a loan for, or even to buy a car or rent an apartment,” said Cummings.
Below is a look at the top five complaints in Massachusetts in 2022.
MASSPIRG recommends you check your credit score often and if you think there is something wrong with it, reach out to the U.S. Consumer Financial Protection Bureau because they will work with you to fix it.
More information on MA top ten complaints are here.
This is a developing story. Check back for updates as more information becomes available.
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