New CFPB Report Reveals Top Consumer Complaints

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Written By ESR News Blog Editor Thomas Ahearn

The Consumer Financial Protection Bureau (CFPB) – the federal agency solely focused on consumer financial protection and consumer complaints – has released its initial Monthly Complaint Report to provide “a high-level snapshot of trends in consumer complaints.”

The CFPB Monthly Complaint Report for July 2015 revealed consumer complaints by volume, by product, by state, and by company. The report found that the CFPB handled approximately 650,674 complaints as of July 1, 2015, including 23,379 complaints in June 2015.

So what products were consumers complaining about the most? The CFPB report showed that “debt collection, mortgage, and credit reporting complaints continue to round out the top three most complained about consumer financial products and services.”

For June 2015, the CFPB report found that most complained about financial product or service was debt collection, with 7,474 complaints, followed by mortgages with 4,702 complaints and credit reporting with 4,379 complaints. Those three also lead in total CFPB complaints.

As for which states provided the most consumer complaints, the CFPB report found that consumers in California, Florida, Texas, and New York provided the most total complaints. The District of Columbia led in total complaints per 100,000 population with 577.

The CFPB report also revealed the companies receiving the most consumer complaints from a three month average between February 2015 and April 2015. The top five companies on this list were Equifax, Experian, Bank of America, TransUnion, and Wells Fargo.

The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 created the CFPB to protect consumers of financial products or services. The CFPB Monthly Complaint Report for July 2015 is at http://www.consumerfinance.gov/reports/monthly-complaint-report-vol-1/.

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