WASHINGTON, D.C. — Since its own study showed discrepancies
between the credit scores sold to creditors, lenders and finance companies and
ones sold to consumers, this week the Consumer Financial Protection Bureau
started to accept credit reporting complaints.

Scott Pluta, the CFPB's assistant director for the office of
consumer response, explained the agency has taken significant steps toward
making consumer financial markets work better for consumers and responsible
companies, and consumer complaints have played a major role.

"We began with credit card complaints in July of 2011, and
as time passed, we added complaints about mortgages, bank accounts and
services, private student loans, vehicle and other consumer loans," Pluta said.

"We are proud to announce that we are accepting complaints
about credit reports," he continued.

"Credit reporting touches the financial lives of nearly each
and every American," Pluta went on to say. "Credit reports affect whether or
not you are able to get a credit card, a home loan, an auto loan, or a student
loan, the ability to rent an apartment or get hired, and even tasks as simple
as getting a cell phone or electricity for your home. It also can affect how
affordable or expensive those things are for you.

The CFPB highlighted the types of complaints agency
officials are trained to handle include:

—Incorrect information on a credit report

—A consumer reporting agency's investigation

—Improper use of a credit report

—Being unable to get a copy of a credit score or file

—Problems with credit monitoring or identify protection
services

Pluta recommended that consumers first begin by filing a
dispute and getting a response directly from the credit reporting company. He said
there are important consumer rights guaranteed by federal consumer financial
law that are best preserved by you first going through the credit reporting
company's complaint process.

"After you file a complaint with the credit reporting
company, if you are dissatisfied with the resolution, file a complaint with us,"
Pluta said.

"Every complaint we receive helps us understand the
challenges facing consumers, and they inform and shape our priorities," he
continued. "Reading your complaints about credit reporting will complement work
we have already started in this area, including conducting a study comparing
credit scores sold to creditors and those sold to consumers and beginning to
supervise of consumer reporting agencies."


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