CFPB Probes 'Suppressed' Credit Card Payment Reporting

By Jon Hill (May 25, 2022, 5:46 PM EDT) — The Consumer Financial Protection Bureau said Wednesday that it’s looking into why some major credit card companies aren’t regularly providing data to credit bureaus on the actual monthly payments their borrowers are making on their accounts, a practice that the agency sees as having “potential for harm.”

In a blog post, the CFPB announced it has sent letters to several large credit card issuers inquiring about what it called payment amount data “suppression,” which the agency said can leave consumers with thinner credit reports that in turn may hinder their ability to access credit at competitive rates.

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