By Jon Hill (May 25, 2022, 5:46 p.m. EDT) – The Consumer Financial Protection Bureau said Wednesday it is investigating why some major credit card companies do not regularly provide data to credit bureaus on payments actual monthly payments from their borrowers. are doing on their accounts, a practice the agency considers to have “potential for harm”.
In a blog post, the CFPB said it had sent letters to several major credit card issuers requesting what it called the “suppression” of payment amount data, which the agency said , can leave consumers with thinner credit reports which, in turn, can hinder their ability to access credit at competitive rates.
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