Under the Trump administration, two of the three major credit bureaus have sharply reduced the share of complaints they resolved in customers’ favor.
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@ProPublica true but it was trending in that direction before inauguration also
@sensitivityi @ProPublica yeah; this graph has me wondering what happened in late 2023, when "total complaints" started an upward trend?
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Under the Trump administration, two of the three major credit bureaus have sharply reduced the share of complaints they resolved in customers’ favor.
In 2024, Experian’s relief rate was 20%. Last year, that figure fell to less than 1%.
Read our full investigation: https://www.propublica.org/article/credit-report-mistakes-cfpb-experian-transunion?utm_source=mastodon&utm_medium=social&utm_campaign=mastodon-post
#Data #Finance #PersonalFinance #Credit #Trump #DataViz #Research #Journalism
@ProPublica I'm curious: presumably credit rating agency customers care about accuracy to some extent, or there'd be no money in credit rating. Is it just that 'mostly right on average' is good enough for them but obviously not for the people where they get it wrong; or is it specifically in someone's interests for certain sorts of mistakes to be made and stay uncorrected?
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@sensitivityi @ProPublica yeah; this graph has me wondering what happened in late 2023, when "total complaints" started an upward trend?
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all you can really do is freeze your credit and NEVER BOTHER DEALING WITH THEM
Yep. Though I’m still dealing with the fallout of two agencies “losing” my information. Sp also* had his frozen and was still having credit cards opened in his name, so that was fun.
E: Clarifying that Sp and I are not the same person.
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@ProPublica I'm curious: presumably credit rating agency customers care about accuracy to some extent, or there'd be no money in credit rating. Is it just that 'mostly right on average' is good enough for them but obviously not for the people where they get it wrong; or is it specifically in someone's interests for certain sorts of mistakes to be made and stay uncorrected?
@fuzzyfuzzyfungus @ProPublica my guess is that the bureaus will eventually roll out some means for the consumer to buy their way to a higher credit score, and that will replace any accuracy measures in place
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Under the Trump administration, two of the three major credit bureaus have sharply reduced the share of complaints they resolved in customers’ favor.
In 2024, Experian’s relief rate was 20%. Last year, that figure fell to less than 1%.
Read our full investigation: https://www.propublica.org/article/credit-report-mistakes-cfpb-experian-transunion?utm_source=mastodon&utm_medium=social&utm_campaign=mastodon-post
#Data #Finance #PersonalFinance #Credit #Trump #DataViz #Research #Journalism
@ProPublica It's kind of astonishing that businesses that are fundamentally just record-keeping operations (like banks and credit rating agencies) are so often pretty bad at keeping accurate records.
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@ProPublica It's kind of astonishing that businesses that are fundamentally just record-keeping operations (like banks and credit rating agencies) are so often pretty bad at keeping accurate records.
@WesternInfidels There is a difference between the people who want the information to be accurate and the people who pay for the information, which leads to this discrepancy which doesn't impact their bottom line at all. -
Under the Trump administration, two of the three major credit bureaus have sharply reduced the share of complaints they resolved in customers’ favor.
In 2024, Experian’s relief rate was 20%. Last year, that figure fell to less than 1%.
Read our full investigation: https://www.propublica.org/article/credit-report-mistakes-cfpb-experian-transunion?utm_source=mastodon&utm_medium=social&utm_campaign=mastodon-post
#Data #Finance #PersonalFinance #Credit #Trump #DataViz #Research #Journalism
@ProPublica I just went through this recently with an obvious case of identity theft. Experian allowed me to open a dispute, then closed it two days later saying "Nope, it was you." They offered no evidence to support the claim.
There seem to be a lot of smaller, regional banks who will let people open accounts online with little to no identity checks. Worse, some of these are checking and savings accounts so they are not even showing up on credit reports.
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@fuzzyfuzzyfungus @ProPublica my guess is that the bureaus will eventually roll out some means for the consumer to buy their way to a higher credit score, and that will replace any accuracy measures in place
@vxo @fuzzyfuzzyfungus @ProPublica Probably along side a new pay more for the old report on the checking the report by lenders too.
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Under the Trump administration, two of the three major credit bureaus have sharply reduced the share of complaints they resolved in customers’ favor.
In 2024, Experian’s relief rate was 20%. Last year, that figure fell to less than 1%.
Read our full investigation: https://www.propublica.org/article/credit-report-mistakes-cfpb-experian-transunion?utm_source=mastodon&utm_medium=social&utm_campaign=mastodon-post
#Data #Finance #PersonalFinance #Credit #Trump #DataViz #Research #Journalism
