In March of 2021, the American Association of Consumer Credit Professionals (AACCP) issued the following press statement.
“Earlier today, the Consumer Financial Protection Bureau (CFPB) released its Annual Report on consumer complaints for 2020, revealing that despite protections put in place during the pandemic, more Americans are unhappy with the consumer credit system than ever before. Congress enacted new rules to help consumers facing financial hardship reach accommodations with creditors, but alarmingly complaints about debt collectors still rose by 10 percent last year. The credit reporting system was already confusing and complex, and as the surge in consumer complaints in 2020 demonstrates, the disruptions of the pandemic have only made that problem worse. Credit repair organizations are here to help consumers understand their rights, navigate the confusing credit reporting system and ensure reports are fair and accurate.
As the recovery gains momentum, we need the elements of our economic system to deliver for all Americans. We applaud the attention Congress has recently given to the needs of American consumers through major financial relief, extended hardship assistance, and the examination of new legislative proposals to make the consumer credit system more equitable and responsive to consumers. The AACCP is proud to advocate on behalf of consumers who are looking to participate in an economic system that has all but left them behind.”
In May 2021, at a House Financial Services Committee hearing prompted by an unprecedented surge in consumer complaints, executives of the three national credit reporting agencies (CRAs) provided consumers no answers for how they plan to make the credit reporting system more responsive.
Representatives from Experian, TransUnion, and Equifax were called to testify after the Consumer Financial Protection Bureau (CFPB) released a report showing consumer complaints about the credit reporting industry more than doubled in 2020. As they have done for months, the CRAs tried to deflect responsibility for the surge in consumer complaints by blaming AACCP members and other organizations offering credit repair services.
The American Association of Consumer Credit Professionals represents dedicated consumer advocates in the credit repair industry.