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About 30 percent of people get relief when they complain about credit bureaus to the new federal consumer watchdog, according to a new report.
The Missouri Public Interest Research Group Foundation studied the 10,000 complaints filed against credit bureaus since the federal Consumer Financial Protection Bureau began collecting them in October of 2012.
Two thirds of the complaints concerned allegedly false information on a consumer's credit report at the big three bureaus, Equifax, TransUnion and Experian. Only 4 percent involved credit monitoring services, which charge consumers money.
While 30 percent of complaints brought relief, 63 percent were closed with an explanation to the consumer. Most of the rest were still being processed, MoPIRG reported.
Equifax said gave relief to consumers 63 percent of the time. Experian did so in 5 percent of cases and TransUnion in 22 percent.
The credit bureaus collect information on consumers' debt and payment records. Their reports are widely used by lenders to make credit decisions, by some companies to make hiring decisions and insurance companies to set car insurance premiums.
Missouri ranked 30th among the states in complaints per resident, scoring 2.4 per 100,000 inhabitants. Illinois ranked 27th with 2.6 complaints per 100,000 people.
The Consumer Financial Protection Bureau was established by Congress in 2010 to police the consumer financial services.
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