Credit bureaus now generally have 30 days to investigate a complaint. They also must forward "all relevant information" to the creditor that furnished the disputed material. But the National Consumer Law Center in Boston says this information is typically boiled down to a numerical code that may include a sentence or two about the consumer's complaint.
"No one looks at a 100-word statement anymore. Everything is a score," says Ruth Susswein, spokeswoman with Consumer Action. "They need to create a real dispute system."
Debt collections The Federal Trade Commission received more than 144,000 complaints in 2010 about debt collection, making it No. 2 on the agency's complaint list.
Most of those complaints involve debt collectors repeatedly calling consumers, says Robert Hobbs, deputy director of the National Consumer Law Center.
Consumers have a right under the Fair Debt Collection Practices Act to request that the debt collector stop calling them.
"The problem of having a right is needing to know about it," Hobbs says. He suggests that debt collectors be required to inform consumers of this right.
Of course, Mr. Cordray, this is a lot to tackle in two years, given all your other responsibilities. But any assistance will be appreciated by Maryland consumers.