WASHINGTON—Debt collection continues to top consumer complaints submitted to the CFPB, as it was the most-complained-about financial product or service in the Bureau’s November complaint snapshot.
Of the approximately 23,000 complaints handled in November, there were 6,730 complaints about debt collection. The second most-complained-about consumer product was credit reporting, which accounted for 4,138 complaints. The third most-complained-about financial product or service was mortgages, accounting for 3,954 complaints, the Bureau said.
As of Dec. 1, 2016, the CFPB has handled approximately 1,058,100 complaints nationally.
Other report highlights:
- Product trends: In a year-to-year comparison examining the three-month time period of September to November, prepaid product complaints showed the greatest decrease—59%—of any product or service. The Bureau received 183 prepaid product complaints between September and November 2016, while it received 444 complaints during the same time period in 2015.
- State information: Iowa, Georgia, and Alaska experienced the greatest year-to-year complaint volume increases from September to November 2016 period versus the same time period 12 months before. Iowa was up 39%, Georgia was up 37%, and Alaska was up 35%.
- Most-complained-about companies: The top three companies that received the most complaints from July through September 2016 were credit reporting companies Equifax, Experian, and TransUnion.