As the COVID-19 pandemic persists, the "Big Three" credit burueaus — Experian, TransUnion and Equifax — announced March 2 that they would continue to provide free weekly credit reports for an additional year. U.S. PIRG's Ed Mierzwinski says it's not enough.
Typically, consumers are entitled to one free credit report per year under federal law. At the outset of the pandemic, nationwide credit agencies started offering access to free weekly reports.
That's a good start, but with the Big Three leading the pack in a record-setting year of consumer complaints filed with the Consumer Financial Protection Bureau, according to a U.S. PIRG Education Fund Report, the industry has a lot to make up for.
"Free credit reports cost these firms virtually nothing," said Ed, senior director for U.S. PIRG's federal consumer programs.
"These credit reporting companies need to start following the law. They need to improve credit report accuracy, conduct timely complaint reinvestigations and fix their mistakes."
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Photo: Ed Mierzwinski testified before the House Financial Services Committee in 2017 during the aftermath of a massive data breach at Equifax. Credit: Jonathan Comer