The American Financial Services Association (AFSA) announced it filed comments on the Consumer Financial Protection Bureau (CFPB) complaint portal, saying it suffers from quality-control issues and is increasingly used for credit-reporting disputes outside the FCRA process.
According to the CFPB, its complaint database contains narratives written by consumers that “are not verified before publication.” The Bureau also notes that the database is not a statistically representative sample and that “complaints are not ‘information’ for purposes of the Information Quality Act,” which can affect the accuracy and context of complaints involving companies.
Federal oversight reveals a rising volume of complaints and process gaps. A June 2024 report by the Federal Reserve Board’s Office of Inspector General indicated that complaint submissions to the CFPB increased significantly from 2019 to 2022—up 53.9% from 2019–2020, 83.3% from 2020–2021, and 29.5% from 2021–2022. While generally following procedures, the Office recommended clearer objectives and guidance for company-specific performance reports to enhance monitoring.
Data from the CFPB show that credit-reporting issues dominate the portal, aligning with AFSA’s concern about its role as a de facto path for FCRA disputes. In 2024, “credit and consumer reporting” constituted 85% of all complaints, with more than 2.8 million complaints sent to over 3,600 companies. This focus on credit-reporting disputes indicates a shift from traditional FCRA processes involving Credit Reporting Agencies (CRAs) or furnishers.
AFSA is a national trade association representing the consumer credit industry since its founding in 1916 in Washington, D.C. Its membership includes consumer and commercial finance companies, vehicle finance and leasing firms, credit card issuers, mortgage lenders, industrial banks, and service providers. AFSA advocates for policies supporting access to credit and consumer choice across the U.S. marketplace.
