The Consumer Financial Protection Bureau's (CFPB or Bureau) recent shift of focus to credit reporting practices has been apparent, especially in light of COVID-19 and the additional protections afforded to consumers through the CARES Act. This is no surprise, seeing as credit reporting has been the top-dog product complained about by consumers in the Bureau's complaints database. The Bureau's most recent report — Payment Amount Furnishing & Consumer Reporting — continues to highlight the Bureau's focus on credit reports, data furnishing practices, and the impact on consumers.
The report, published on November 12, looks into the furnishing of actual payment data for the five most-furnished types of tradelines, including credit cards, retail revolving accounts, student loans, auto loans, and mortgages. Actual payment data is exactly what it sounds like: data regarding actual payments made on account by the consumer.
The report shows a very interesting trend. While actual payment data furnishing rose slightly for student loans, auto loans, and mortgages over the years, there was a drastic decline in such furnishing for credit cards and retail revolving accounts that occurred somewhere about the years 2014 to 2015.
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