Credit Bureaus Agree to Improve Service

Share this article:
The nation's three major consumer reporting agencies agreed to meet certain standards for their call centers that handle consumer inquiries regarding the status of their credit ratings as part of an agreement to settle an Federal Trade Commission complaint


Equifax, Atlanta; Experian, Orange, CA; and Trans Union, Chicago, all said they would maintain a blocked call rate of no more than 10 percent and an average hold time of no more than 3 1/2 minutes. In addition, they agreed to pay a total of $2.5 million.


The FTC alleges that customers who want to make corrections to their credit reports often had to wait on hold for an inordinate amount of time, effectively making the agencies inaccessible. The Fair Credit Reporting Act requires that the agencies maintain a toll-free number that consumers can access during normal business hours to make any corrections.
Share this article:
close

Next Article in Agency

Sign up to our newsletters

Follow us on Twitter @dmnews

Latest Jobs:

More in Agency

Publicis Launches New Digital Agency

Publicis Launches New Digital Agency

Roar, an amalgam of top digital talent from across Publicis Groupe, will be led by Zenith OptiMedia veteran Sean Reardon.

RAPP Names Orlov CEO

RAPP Names Orlov CEO

The Volkswagen marketing executive is a veteran of Wunderman and WPP.

Hawthorne Opens Mobile Unit, Names Digital Director

Hawthorne Opens Mobile Unit, Names Digital Director

Jared Lake moves over from M&C Saatchi Mobile to head the new unit.