The agency noted that the nation’s big three credit reporting firms—Equifax, Experian and TransUnion—each have more than 200 million files on consumers.
“In a typical month, they receive updates from approximately 10,000 information ‘furnishers,’ which are the entities that supply data on consumers,” the agency writes in a summary of its findings.
“The furnishers do this on more than 1.3 billion ‘trade lines,’ which are individual information sources on a consumer report such as a consumer’s accounts for a car loan, mortgage loan, or credit card.”
CFPB said it hopes the study will bring “more clarity to the confusing world” of credit reports.
When a consumer files a mortgage application, one of the first things a lender does is pull the consumer’s credit report.