Starting today, if you've got a gripe about mistakes on your credit reports, the federal financial protection bureau wants to hear about it.
"Consumers need an avenue of recourse when they feel they have been wronged," said Richard Cordray, director of the Consumer Financial Protection Bureau, in a statement.
But don't rush to the CFPB first. Consumers should initially file a complaint with the credit reporting bureau - typically, Experian, Equifax or TransUnion - where they spotted the error.
Once you've done that, the CFPB wants to hear from you. You can file a complaint if you're unhappy due to:
--incorrect information on a credit report;
--a credit bureau's handling of your situation;
--improper use of a credit report;
--inability to get a copy of a credit score or file;
--problems with credit monitoring or identity theft protection services.
What's so important about your credit reports? They're the basis of everyone's 3-digit credit score, which can determine what you'll pay on a home mortgage, if you'll get approved for a credit card and sometimes whether you'll be hired for a new job.
If there's an error in those reports, it could negatively drop your credit score, which could cost you plenty.
As the CFPB notes, the country's three largest credit reporting agencies have files on more than 200 million Americans and issue more than 3 billion consumer reports a year. So the chances of an error are pretty good.
Each year, every adult is entitled to a free copy of their credit report from each of the three bureaus. That's three free reports every 12 months.The best place to obtain your annual copies is annualcreditreport.com
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