CFPB overhauls complaint system to curb ‘abuse’

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The Consumer Financial Protection Bureau is revamping its online consumer complaint portal to address "abuse," particularly tied to credit reporting, the agency said Wednesday.

Citing an increase in credit reporting complaint volume, the CFPB said it's emphasizing that consumers must exhaust their dispute rights with a credit reporting agency before turning to the consumer watchdog, launching two-factor authentication and directing resources toward complaints that "warrant a substantive response."

The CFPB, which said the changes would make the system more effective, is also working to ensure credit reporting agencies follow a standardized process to address complaints and building technology to share complaint information with companies in a more efficient manner.

What new requirements must consumers meet before filing?

Why is CFPB revamping its consumer complaint portal?

How are consumer advocates responding to these changes?

How has credit reporting complaint volume changed recently?

The CFPB framed the move as one that would fix l

Fuente original: Yahoo Finance (https://finance.yahoo.com/economy/policy/articles/cfpb-overhauls-complaint-system-curb-093525443.html)