A recently-released report by the Consumer Financial Protection Bureau (CFPB) has brought to light new information concerning credit applications and debt collection. As reported by BankCreditNews.com, the CFPB released the information in an effort to bring more clarity to the confusing world of debt and credit.
According to the CFPB, there are approximately 10,000 furnishers who supply consumer data to the three largest credit reporting firms (Experian, Equifax, and TransUnion) on more than 1.3 billion trade lines. Trade lines are individual information sources, which provide data on a consumer’s credit report, mortgages, credit card accounts, auto debt, and more in order to provide a clear picture of a person’s credit rating.
Disputes concerning debt collection can arise from many different issues, such as incorrect amounts being sought or wrongful actions taken by debt collectors. Read more at my other blog: http://www.caconsumeradvocate.com/blog/.
