Written By ESR News Blog Editor Thomas Ahearn
In November of 2021, the Consumer Financial Protection Bureau (CFPB) released a report about “Disputes on Consumer Credit Reports” that found consumers in majority Black and Hispanic neighborhoods, younger consumers, and those with low credit scores were far more likely to have disputes appear on their credit reports.
“Families living in majority Black and Hispanic neighborhoods are far more likely to have disputes of inaccurate information appear on their credit reports,” CFPB Director Rohit Chopra stated in a news release about the report. “Error-ridden credit reports are far too prevalent and may be undermining an equitable recovery.”
In nearly every credit category the report reviewed, consumers residing in majority Black areas were more than twice as likely to have disputes appear on their credit reports thai consumers residing in majority white areas. For auto loans, consumers in majority Black areas were more than three times as likely to have disputes.
Under the federal Fair Credit Reporting Act (FCRA), consumers have a right to file a dispute with consumer reporting agencies (CRAs) to correct inaccuracies on their reports. The FCRA requires CRAs to process and investigate the disputes in a timely manner and correct any inaccuracies uncovered by the investigation.
The CFPB is committed to further researching the causes of credit report disputes. In October of 2021, the CFPB – along with the Federal Trade Commission...
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