CFPB Targets Credit Card “Suppressed Data” Practices

The Consumer Financial Protection Bureau (CFPB) announced on Wednesday, May 25 in a blog post that it has sent letters to the nation’s biggest credit card companies to question them about why they are not regularly providing data to credit bureaus on the actual monthly payments their borrowers are making. According to the CFPB’s research, only about half of the largest credit card companies contribute data to credit reporting companies about the exact monthly payment amounts made by borrowers. The same research also showed that over a short period of time, several of the largest credit card companies began to suppress actual payment amount information that they had previously provided or furnished about consumers.