Credit Reporting Complaints from the Military Community

Yesterday, the Consumer Financial Protection Bureau (CFPB) released its fourth annual report detailing the complaints received from military servicemembers, veterans and their families. Since the CFPB first started taking complaints in July of 2011, the complaint volume has steadily risen. In 2015, the CFPB received thousands of credit reporting complaints from the military community. The reporting of inaccurate credit information was by far the most complained about, and it was followed by complaints about the credit reporting company's investigation process. Fraud and identity theft were among the many complaints active-duty servicemembers submitted to the CFPB in 2015. The chart below depicts the types of credit reporting complaints the CFPB received over the course of last year from the military community.

Servicemember Credit Reporting Complaints

Types of credit reporting complaints received by the military community in 2015.

If you are an active-duty military servicemember consider placing an Active Duty Alert on your credit report. If inaccurate information is being reported on your credit report, dispute it. The credit reporting agencies have an investigation process which may seem daunting, but if the process fails you, consider seeking legal counsel. The Office of Servicemembers Affairs at the CFPB works on consumer financial challenges affecting servicemembers, veterans and their families. Educational information and additional resources are available on their website.