Why more credit report errors are slipping through the cracks — and how to fix yours

Massive cuts by the Trump administration have seriously diminished the Consumer Financial Protection Bureau's (CFPB) oversight of credit bureaus, according to a new ProPublica report.

Launched in the wake of the 2008 financial crisis, the CFPB was designed as an independent agency tasked with enforcing consumer regulations for credit card companies, mortgage servicers and other financial institutions — including Experian, Equifax and TransUnion, the "Big 3" credit reporting bureaus that generate credit reports used to determine credit scores.

Since Trump's second term, however, the CFPB's budget has been nearly halved, and the administration has sought approval to dismiss more than 90% of its staff. Despite judicial intervention, the situation has turned the CFPB into what The New Yorker called a "zombie regulator."

At the same time, objections regarding the agencies have soared: In 2023, the CFPB received approximately 1.3 million complaints about the Big 3. In 2025, that figure hit nearly five million.

While some of the uptick is due to greater sensitivity to errors, the reporting agencies claim credit repair companies and other third parties are clogging their portals.

"Some of these organizations mislead consumers into believing they can remove accurate information from their credit reports,"  Experian said in a statement to CNBC Select. "If it is determined that inaccurate information has been included on a consumer's credit report, we address the matter accordingly."

TransUnion also blamed credit repair companies for slow response times and rejected claims. It told CNBC Select that inquiries were now being redirected "to a more appropriate TransUnion channel for further adjudication."

Equifax, which was not cited in ProPublica's report, maintains that it investigated disputes "consistent with all applicable legal requirements" and noted its U.S. consumer credit report accuracy in February 2026 was 99.81%.

With the volume of complaints on the rise and the agency tasked with monitoring credit agencies defanged, tracking your credit reports — and disputing any errors you find — has never been more important.

The three major nationwide credit reporting agencies have long been overrepresented in CFPB cases, but the percentages have shifted dramatically. In 2017, about 30% of complaints were about credit or consumer reporting.

By 2025, that figure soared past 80%.

"Most consumers don't understand how prevalent errors are until they're applying for a loan," said Croak. "Billions of pieces of information flow through the credit reporting agencies every day, and sometimes they end up somewhere they shouldn't be."

Until recently, the CFPB was actively pursuing claims against the agencies. But consumer advocates argue the watchdog agency has reversed course since Trump took office. Since last year, the CFPB has dismissed or reversed more than 40 judgments against the credit agencies, ProPublica found.

In February 2025, it set aside a 2022 lawsuit in which it had accused TransUnion of using "dark patterns" to trick consumers into subscribing to its credit monitoring products.

ProPublica's analysis also found that, last year, TransUnion and Experian drastically reduced the percentage of complaints they resolved in consumers' favor. From early to late 2025, TransUnion’s relief rate declined 50%.

Experian's share, meanwhile, shrank from 20% in 2024 to less than 1% in 2025. 

All three agencies generate reports on consumers' finances that are shared with banks, insurance companies, landlords, employers and others. The reports also provide data for FICO and VantageScore scoring models that calculate your three-digit credit score.

Each agency collects slightly different information, but they all typically include identifying details, like your name, date of birth, current and previous addresses, Social Security number and employers.

They also note details about your credit accounts, including the date they were opened, the credit limit or loan amount, any outstanding balance, the monthly payment amount and your payment pattern over the last several years.

Bankruptcies or negative judgments, debt settlements and debt management plans are also included, as are statements of disputes.

Credit reporting agencies are not allowed to gather data about race, religion, sexual orientation, medical history, political affiliations, criminal records or any other information deemed unrelated to credit.

Because lenders may obtain your credit report from different agencies and apply a different scoring model, your credit score can differ slightly from one evaluation to another.

You can get free weekly credit reports from each of the main credit bureaus by visiting annualcreditreport.com.

Many credit card companies also provide credit information, although they may not present your full financial history. You can review your Experian credit report and FICO 8 Score with Experian Boost® and your TransUnion report with CreditWise from Capital One.

Identity theft protection services cost money, but most come with on-demand credit reports and credit scores, along with fraud alerts, dark web scans, password managers and tools for restoring your identity if it's compromised.

In a 2024 study by Consumer Reports and WorkMoney, 27% of participants who checked their reports found errors that could impact their credit score — including accounts they didn't recognize, payments misreported as late or missed and unfamiliar debts being reported to collections agencies.

"Most consumers don't understand how prevalent errors are until they're applying for a loan," Eric Croak, a CFP and founder of Toledo, Ohio-based Croak Capital, told CNBC Select. "Billions of pieces of information flow through the credit reporting agencies every day, and sometimes they end up somewhere they shouldn't be."

If you notice incorrect, negative items on any credit report, reach out to the appropriate agency right away. Even a simple mistake can lower your credit score. If it's a sign of identity theft, someone could be using your information to rack up thousands of dollars.

Common credit report errors

According to the CFPB, common credit report mistakes include:

• Accounts or loans listed as unpaid that have been successfully settled
• Individual loans listed multiple times
• Debts that are incorrectly reported in collections
• Fraudulent accounts listed as a result of identity theft
• Incorrect current balance or credit limit
• Misspelled names, wrong or old addresses or incorrect birth dates
• Information from someone with a similar name or Social Security number
• Closed accounts reported as open
• Accounts that list you as the owner when you're just an authorized user

TransUnion told CNBC consumers should take advantage of the free reports it offers and regularly review their information.

"If anything appears inaccurate, they can always contact us or a relevant data furnisher to address those concerns," the company said via email.

You can file a dispute with a credit agency by mail, phone or online. If you're mailing, use certified mail, include copies of supporting documents and request a return receipt. (The FTC has a sample letter you can use.)

If you see a mistake in one report, make sure to check with the other two agencies.

Experian

Online: experian.com/help/dispute-credit/
By phone: 888-397-3742
By mail: Download the dispute form and mail it to
Experian
P.O. Box 4500
Allen, TX 75013

TransUnion

Online: dispute.transunion.com
By phone: 800-916-8800
By mail: Download the TransUnion dispute form and mail it to
TransUnion Consumer Solutions
P.O. Box 2000
Chester, PA 19022-2000

Equifax

Online: equifax.com/personal/credit-report-services/credit-dispute/
By phone: 888-378-4329
By mail: Download the Equifax dispute form and send it to
Equifax Information Services, LLC
P.O. Box 740256
Atlanta, GA 30374-0256

When a consumer requests the removal of inaccurate information, credit agencies typically have 30 days to respond. In most cases, the agency will rely on the company that supplied the item (the "furnisher") to verify its accuracy.

"If the furnisher says, 'Yup, that's right,' the agency closes your dispute without doing its due diligence," Croak said. "This is the weakest link in the process — not disputing an error, but the verification process."

According to the Fair Credit Reporting Act (FCRA), furnishers must also conduct a "reasonable investigation" into the disputed item. If it can't be verified, the credit reporting company must remove it.

If the agency removes the item

If the credit agency removes the disputed item (known as providing "relief"), you'll be notified in writing and receive a free copy of your credit report. Legally, the agency is also required to report the correction to the other two agencies and (upon request) anyone who received your credit report in the past six months.

If you don't see a correction within a few months (or if it reappears after being removed), Croak says to follow up.

"The part I find most frustrating is time," he said. "Disputes take 30 days, 60 days, even 90-plus days. In that time, a stubborn reporting error can raise your debt-to-income ratio and drop your score up to 100 points, denying you a home loan you've been waiting for. That's your life on hold."

If the agency denies your request

A credit agency can deny your request for a number of reasons, including being frivolous or because you included inaccurate or incomplete information. If the agency chooses not to investigate, it must notify you within five days.

If your request is denied, you can still file a written statement of dispute to include in your credit report.

You can challenge negative items yourself or use a credit repair company to navigate the system on your behalf. Either way, gather supporting information and documents, such as credit card statements, bank statements, emails and letters.

Timelines vary, but it may take up to a year for the error to be completely removed.

If you're not getting relief from a credit agency, you have several options.

1. Hire a credit repair company

Credit repair companies will reach out to credit reporting agencies and furnishers for you to remove inaccurate or outdated negative information. You could do it yourself, but the process can be slow and confusing.

These firms also have years of experience and additional tools, including formal dispute letters and 609 requests to discover the source of the inaccurate information.

It's not free, though. The one-time setup fee can be as high as $200, with monthly subscription fees running $50 to $100.

2. File a complaint with the CFPB

If the relevant bureau isn't providing relief, Croak still recommends filing a complaint with the CFPB, "even in its current shell of an existence."

"Beyond maybe actually getting results, the complaint itself acts as part of the paper trail you can point to if you have to escalate to legal action," he said. The bureau is still empowered to force action and impose serious financial penalties. Its portal is still operating, and companies are still required to respond to queries.

"The problem is that the employees able to follow through have been reduced from 248 employees to around 50," Croak said, echoing a January 2026 report by the Government Accounting Office. "But it doesn't hurt you to file — and can only help your case."

To contact the CFPB about a credit report issue, submit your complaint online or call 855-411-2372. Make sure you have details about the issue and supporting documents.

The bureau is supposed to forward the complaint to the appropriate reporting agency and furnisher, track its progress and determine if the issue is part of a larger pattern.

"Submitting a complaint to CFPB is free and takes about 20 minutes," Croak said. "Creditors seem to respond faster because you've now opened a federal complaint."

He suggests sending a certified letter to the relevant furnisher and credit bureau with the CFPB complaint number on it.

"At least this way, someone is accountable for your dispute rather than just filling out a credit bureau's online dispute program," Croak said.

3. Turn to the Federal Trade Commission

While the FTC doesn't resolve individual credit reporting complaints, it will take enforcement action if there are enough complaints about a specific company.

In 2023, after accusations that inaccurate eviction notices were appearing in rental background checks, the FTC and CFPB reached a $23 million settlement with TransUnion and a Colorado-based subsidiary.

4. Pursue a lawsuit

Under the FCRA, failing to complete an investigation within 30 days, neglecting to remove inaccurate, incomplete or unverifiable information or reinserting removed information are all grounds for a lawsuit against a credit bureau.

"Most successful FCRA lawsuits are filed in federal court," Croak said. "You can hire a consumer protection lawyer on retainer, but believe it or not, your state attorney general's office can work wonders on credit bureaus."

At CNBC Select, we work with experts who have specialized knowledge and authority based on relevant training and/or experience. For this story, we spoke with Eric Croak, founder of Toledo, Ohio-based Croak Capital.

Eric received his undergraduate degree from the University of Toledo and an MBA from the College of Charleston in South Carolina.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed financial decisions. Every article is based on rigorous reporting by our team of expert writers and editors. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.

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