Yesterday, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray announced the release of a CFPB report on the big three credit reporting companies — Equifax, Experian and TransUnion — outlining how they manage consumer data, according to The Columbus Dispatch and prepared remarks from Cordray. Calling it “one of the most comprehensive looks at the credit reporting industry to date,” the report explores how these companies collect, organize and maintain consumer credit information, Cordray said. According to a CFPB press release, key takeaways in the report, titled “Key Dimensions and Processes in the U.S. Credit Reporting System: A review of how the nation’s largest credit bureaus manage consumer data,” are:

  • More than half of the trade lines in the credit bureau databases are supplied by the credit card industry
  • More than a third of disputes have to do with collections
  • Less than one in five people obtain copies of their credit report each year
  • Most information contained in credit reports comes from a few large companies
  • Most complaints are forwarded to the furnishers that provided the original information

For more, read The Columbus Dispatch article and Director Cordray’s remarks, as well as the full CFPB press release and report.