Study establishes CFPB’s ‘baseline knowledge’ about the credit reporting industry

The Consumer Financial Protection Bureau released a sweeping report detailing how the nation’s largest credit bureaus collect, organize and maintain consumer credit information. The report found credit card history makes up more than half of the information on an average credit report and that most of the information provided to the major credit bureaus comes from just a few large companies. The report also highlighted particular areas where credit report errors can occur and the challenges consumers sometimes face when they attempt to dispute potential inaccuracies.