Experian Worst of Big 3 in Resolving Consumer Disputes

The federal Consumer Financial Protection Bureau has a complaint database concerning credit reporting. Based on the data, the Bureau last week published a report that Experian received almost 60 percent more complaints than TransUnion and 14 percent more than Equifax.

Even worse, Experian offered relief to the consumer just 1.4 percent of the time! That compares to a rate of 24 percent at TransUnion and 55 percent for Equifax..

This data is consistent with the cases I see. Experian only rarely deletes accounts that the consumer disputes, instead deferring to its customers, the banks and other creditors.

The the Big Three CRAs accounted for 97 percent of the complaints to the Bureau.

The bureau’s has collected about 6,700 complaints going back to October 2012.

A FTC study in February found about 20 percent of Americans have an error on their credit report, and about 5 percent had errors serious enough to raise their cost of borrowing.

As the consumer protection bureau said in a statement announcing the publication of the data, “[t]he consequences of errors in a consumer report can be catastrophic for a consumer, shutting him or her out of credit markets.”