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Tuesday, October 23, 2012

Consumer Bureau Is Seeking Credit-Reporting Complaints

Have a gripe about a your credit report, or a credit reporting bureauâ€"like Equifax, TransUnion or Experian? The Consumer Financial Protection Bureau is now accepting complaints about credit reporting.

Credit reporting affects you when you try to apply for a credit card, home loan or car loan. It can even come into play when you seek insurance, or apply for a job.

Consumer credit bureaus track a consumer's credit history and create reports that are used to generate a three-digit credit score. Lenders use the information to decide whether they should give you a loan, and what sort of interest rate they will offer you.

If you think there is an error on your credit report, the bureau recommends that you first go through the credit bureau's own process for trying to correct the problem. But if you do so and are not satisfied with the resolution, the bureau wants to hear from you and is offering individual assistance to help resolve problems.

Other area s of concern may be problems in obtaining a copy of your credit report or your credit score, which is based on information in the report; improper use of your credit report; or problems with credit-monitoring products.

As with other areas that the bureau oversees, consumers submitting complaints about credit reporting issues are given a tracking number and can check the status of their complaint by logging on to the bureau's Web site. Each complaint will be processed individually and sent to the appropriate company for response. The bureau expects the reporting agencies to respond to complaints within 15 days and explain the steps they have taken or plan to take. Consumers will have the option to dispute the company's response to the complaint.

Have you run into trouble with one of the credit reporting bureaus? What happened when you tried to fix it?