Report: Colorado consumers faced major challenges with credit bureaus, debt collectors in 2020

If you were treated unfairly by a financial company such as a credit bureau in 2020, you’re not alone.

On March 1, CoPIRG Foundation kicked off Consumer Protection Week with the release of “Consumers in Peril,” a report on the top marketplace threats that consumers faced in 2020. In its analysis of the Consumer Financial Protection Bureau’s (CFPB) public complaint database, the report found that problems with financial companies such as banks, credit bureaus and debt collectors were among the top complaints.

“Mistakes in credit reports lead to lower credit scores and denial of credit, housing or employment,” CoPIRG Foundation Executive Director Danny Katz told CBSN Denver. “But under President Trump, the CFPB gave the credit bureaus a free pass from handling consumer disputes in a timely manner.”

To best mitigate the financial harms posed by the COVID-19 pandemic, CoPIRG and CoPIRG Foundation are urging leaders to strengthen CFPB rules against predatory lending practices and roll back Trump-era rules that allow debt collectors to harass consumers.

Read the report.

Learn more about our campaigns to protect consumers from threats in the marketplace.