Consumer Protection Statistics for 2020

The covid-19 pandemic increased consumer complaints substantially. There was nearly a 54% increase in consumer complaints from 2019 to 2020.

Detailed Consumer Statistics

Beginning in April 2020, consumers began to submit more than 3,000 complaints mentioning coronavirus nearly every month. Overall, around 32,000 complaints mentioning coronavirus were summitted. Below is a more detailed look at the breakdown of complaints:

  • Credit and consumer reporting complaints accounted for more than 58% of complaints.
  • 15% of complaints were debt collection related.
  • 7% were credit card.
  • 5% were mortgage complaints.

There were more complaints from consumers about inaccurate information on their credit and consumer reports in 2020 than in 2019, largely in part due to the covid-19 pandemic.

Monitoring Your Credit Reports

When monitoring your credit reports, it is important to keep an eye out for common errors and signs of fraud. The three major credit bureaus, Equifax, Experian, and TransUnion said in a statement that they will continue to offer consumers free credit reports on a weekly basis until April 20, 2022, because of the ongoing COVID-19 pandemic.

If you do notice any errors on your report, dispute them as soon as you can. The consumer reporting agency is then required to provide the information that you give to them to the creditor who has reported the debt.

That creditor must investigate the dispute reasonably and report any inaccuracies. The credit reporters will then provide you with information regarding the investigation and, hopefully, they will correct the inaccuracy.

If they fail to fix the problem then, and only then, can you file a claim against the creditor for placing inaccurate information on your credit report.

Consumer Protection Attorneys

Our firm handles Fair Credit Reporting Act (FCRA) cases on a contingency basis. Maginnis Howard handles FCRA claims all over the state of North Carolina.

You can reach our firm’s FCRA attorneys by phone 919.526.0450 or by email at info@maginnishoward.com