Complaints about inaccurate credit reports are soaring

Americans are on pace to set a record this year for the most complaints about credit report inaccuracies filed with the Consumer Financial Protection Bureau, according to Consumer Reports. 

Credit score concerns accounted for slightly more than half of all complaints sent to the federal agency in 2020 and 2021, the nonprofit consumer advocacy group found. But during the first half of this year, that number has ballooned to three-quarters of all complaints.

"Mistakes on credit reports are all too common and can have serious consequences, especially for those who are already struggling to make ends meet," Consumer Reports policy analyst Syed Ejaz said in a statement. "No one should have to pay to access their own financial information."