WASHINGTON—The CFPB is reporting that during September it surpassed a milestone by handling more one-million complaints, including those that are included as part of the Bureau’s latest monthly complaint snapshot.
That snapshot found debt collection continues to be one of the most-complained-about financial products or services.
"Since opening our doors in 2011, we have handled over one million complaints from consumers about their problems with financial products and services,” said CFPB Director Richard Cordray. “Not only have we achieved substantial relief for consumers, but hearing directly from consumers is fundamental to our mission. We can better protect all consumers because of what we learn from those who have submitted complaints and shared their experiences with us.”
According to August complaint data, debt collection was the most-complained-about financial product or service. Of the 28,651 complaints handled in July, there were 9,746 complaints about debt collection. The second most-complained-about consumer product was credit reporting, which accounted for 5,123 complaints. The third most-complained-about financial product or service was mortgages, accounting for 4,310 complaints.
- Product trends: In a month-to-month comparison, complaints about debt collection submitted to the Bureau rose 50% between July and August 2016. While there were 6,488 debt collection complaints submitted to the Bureau in July, the CFPB received 9,746 debt collection complaints in the month of August.
- State information: Maine, Nebraska, and Idaho experienced the greatest year-to-year complaint volume decreases from June to August 2016 period versus the same time period 12 months before; with Maine down 36%, Nebraska down 19%, and Idaho down 15%.
- Most-complained-about companies: The top three companies that received the most complaints from April through June 2016 were credit reporting companies Equifax, Experian, and TransUnion.
Geographic Spotlight: Pennsylvania
The latest complaint snapshot highlights complaints from Pennsylvania and the Philadelphia metro area.
As of Sept. 1, 2016, consumers in Pennsylvania have submitted 34,700 complaints, with 24,100 of them coming from the Philadelphia metro area. The CFPB said findings related to Pennsylvania’s consumer complaints include:
- Debt collection is the most-complained-about product or service: Consumers in Pennsylvania most often submitted complaints about debt collection. Debt collection complaints accounted for 26% of the complaints submitted to the Bureau by consumers from Pennsylvania, while nationally debt collection complaints account for 27% of complaints.
- Rate of mortgage-related complaints in Philadelphia higher than the national rate: Complaints related to mortgages accounted for 26% of all complaints submitted by consumers from the Philadelphia metro area and 22% of complaints from Pennsylvanians as a whole. The Philadelphia metro area figure is slightly higher than the national rate of 25%.
- Most-complained-about companies: From July 2015 to June 2016, the three most complained about companies by consumers from Pennsylvania were Equifax, TransUnion, and Wells Fargo.