The Consumer Financial Protection Bureau has released its latest report on the various complaints the agency has received about banks, lenders, debt collectors, and other financial services. Amid a sudden increase in the number of complaints involving credit report errors, the country’s largest credit bureaus now dominate the top of the CFPB’s list of most complained-about companies.
According to the CFPB report [PDF], it received nearly 6,700 complaints about credit reporting in July 2015 alone, that’s a 56% increase over the previous month and more than double the monthly average of around 3,200 for this category.
And since 97% of credit reporting complaints involved the three largest credit bureaus — Experian, Equifax, and TransUnion — it’s no surprise that these companies occupied three of the top five spots on the complained-about list.
Equifax topped the list, with 991 complaints in July alone, followed by 926 complaints about Experian. TransUnion managed to avoid the bronze medal in this field by coming in fourth with 732 complaints.
Beating out TransUnion was Bank of America, with 858 complaints, while Wells Fargo rounded out the top five with 720 gripes filed against it.
Most complaints (77%) filed against the credit bureau involve people trying to dispute incorrect information on their reports.