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CFPB Offers Snapshot of Consumer Credit Reports

By Staff Writer July 22, 2019

The Consumer Financial Protection Bureau (Bureau) released a report that found more than one-in-four consumers with a credit report have at least one debt in collection by third-party debt collectors.

The report covers 2004 to 2018 and is drawn from the bureau’s sample of approximately 5 million de-identified credit records maintained by one of the three nationwide credit reporting companies. Close to 900 third-party debt collectors furnished collection trade lines.

The findings show that more than one-in-four consumers (28 percent) with a credit report in 2018 had at least one third-party collections trade line on their file. The study also found that more than three-out-of-four third-party collections trade lines are for non-financial debt.

More than half (58 percent) of these trade lines are for medical debt and another 20 percent for telecommunications or utilities debt. Positive payment information is generally not furnished for medical or telecommunications entities.

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Last modified on Thursday, 25 July 2019 13:51

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