WASHINGTON—Debt collection remains the No. 1 most-complained-about financial product or service, according to the latest CFPB monthly complaint snapshot.
Through Jan. 1, 2017, the CFPB has handled approximately 1,080,700 complaints nationally. For December 2016, debt collection led all financial product or services with 7,196 complaints among the approximately 23,000 complaints handled in December.
The second most-complained-about consumer product was credit reporting, which accounted for 3,837 complaints. The third most-complained-about financial product or service was mortgages, accounting for 3,762 complaints.
Some of the findings from the statistics being published in this month’s snapshot report include:
- State information: Alaska, Georgia, and Louisiana experienced the greatest year-to-year complaint volume increases from October to December 2016 versus the same time period 12 months before; with Alaska up 57%, Georgia up 46%, and Louisiana up 32%.
- Most-complained-about companies: The top three companies that received the most complaints from August through October 2016 were Equifax, Wells Fargo, and TransUnion.
The Monthly Complaint Report can be found at: http://files.consumerfinance.gov/f/documents/201701_cfpb_Monthly-Complaint-Report.pdf