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Rebecca Shepard fights a credit report error that threatens housing and financial plans. The story shows how regulatory shifts and leadership changes at the CFPB shape consumers’ chances.
This story focuses on how mistakes in credit reports affect people, especially as regulatory tools and oversight of credit bureaus undergo changes and restrictions. The piece also raises questions about the CFPB’s role in protecting consumers under the Trump administration’s tighter governance.
Rebecca Shepard drew attention for her efforts to untangle someone else’s financial mess. Yet for nearly a year she has been fighting an obvious error in her own credit report that threatens her financial plans.
Her credit score dropped by about 85 points due to a $240,000 student loan debt that she does not owe. She has repeatedly contacted the three major credit bureaus with documents proving that the debt belongs to her ex-husband. Even her account manager confirmed that she is not responsible for the debt.
Nevertheless, the bureaus refused to remove the erroneous debt, which was a major obstacle to her plan to move to more affordable housing with her father, who has a disability. “There is nowhere in the world where I could qualify for this purchase,” she said.
She relied on regulator intervention to have the bureaus seriously consider her dispute. Over the Biden administration years, the CFPB has used fines and lawsuits to force companies to correct errors and engage with consumers. With the agency’s increased support for such complaints, the level of help was substantially higher than in 2020.
However, Shepard needed support during the current Trump administration, which sharply narrowed the CFPB’s mission, including its oversight of the credit bureaus. According to analyses, federal complaints about the bureaus were resolved in consumers’ favor far less often within the three major bureaus – TransUnion, Experian, and Equifax.
Only days before President Trump’s inauguration, the bureaus reached an agreement with the CFPB on shortcomings in dispute-resolution and investigation procedures. Under this agreement, the bureaus agreed to reform processes and ease oversight, which had far-reaching consequences for the industry’s regulatory landscape.
In February 2025, Russell Vogt, a White House official who oversaw large-scale cuts at federal agencies, became the acting director of the CFPB. He quickly ordered a near-total halt to the agency’s work, attempting to lay off most staff, pause investigations, and roll back some enforcement actions, including actions against TransUnion. One of the new CFPB lawyers who led the retreat from enforcement had previously represented Experian.
bureaus say many complaints are invalid, notably a large share come from credit repair organizations that charge for disputing negative information. Experian said in a statement that some of these companies “mislead consumers by convincing them they can remove accurate information,” adding that it is investigating “all legitimate” complaints. The company also did not respond to specific questions about the reduced level of assistance.
Third parties may file complaints on behalf of consumers with disclosure of their involvement and permission. Federal regulators acknowledged that there are unscrupulous players, but the CFPB and a House subcommittee found that the bureaus’ systems for detecting third-party involvement were too broad, and dismissed legitimate concerns. TransUnion said that with the latest changes in processes it handles third-party complaints and routes those lacking full documentation to internal review channels.
Throughout the years of the complaint system, the CFPB acted as a mediator: consumers sent bureau problems, demanded responses, and published data on how companies handled them. Yet industry lobbying forced the Trump administration to direct some consumers to the bureaus’ internal systems, pulling them away from a transparent process.
The CFPB’s press secretary said that the complaints system was overwhelmed with messages from bots and third-party firms, and the agency is working to ensure legitimate consumers can receive more effective help. Previously, the agency did not respond to written requests about reducing decisions or loosening regulation.
According to the CFPB, since January 2025 more than 2.7 million complaints about credit bureaus have remained unresolved, creating a risk of loan, housing, or employment denials and leading to higher rates from insurers and lenders. Among the complainants is an anonymous Texas plaintiff whose fraud remained on the credit report after the dispute. Equifax provided relief, while TransUnion and Experian did not. Also among the complainants is a U.S. Air Force veteran and a political organizer from Arkansas who noted that the bureaus refused to restore an incorrectly removed mortgage history. ProPublica’s investigation findings indicate that Wells Fargo apologized for the situation and pledged to investigate it.
Without proper oversight, CFPB enforcement of consumer rights could fall to regional prosecutors and private lawsuits. The Federal Trade Commission has the authority to bring cases, but does not conduct day-to-day supervision. Chicago-based attorney Liam Hayden warns: “In five years, consumer dispute resolution will be worse, credit reports will be worse, and people will have a harder time correcting them – this is guaranteed.”
“The only thing that makes them put in any effort is a lawsuit or a regulator, and now there is no regulator,”
“They didn’t even try,” Shepard said. “The fact that they sent that little postcard was just ridiculous.”
“In five years, consumer dispute resolution will be worse, credit reports will be worse, and people will have a harder time correcting them – this is guaranteed.”
“In light of recent leadership changes at the CFPB, our engagement with the agency on this issue is paused; we cannot assess when or if such engagement will resume.”
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