The Consumer Financial Protection Bureau (CFPB) announced that consumer complaint volume nearly doubled from 91,000 complaints received in 2012 to 163,700 complaints received in 2013. The CFPB’s Consumer Response Annual Report also highlighted the many issues the CFPB is helping consumers address – from foreclosure alternatives to simply receiving better customer service.
According to the report, the top three complaints in 2013 by consumers were:
- Mortgages: The number one most complained about consumer product was mortgages, accounting for 37 percent of overall complaints. For these approximately 60,000 complaints, consumers were most concerned with problems when they were unable to pay, such as issues relating to loan modifications, collections, or foreclosures.
- Debt collection: Debt collection was the second-most complained about category, accounting for 19 percent of overall complaints even though the Bureau did not begin accepting debt collection complaints until July 2013. For the approximately 31,000 debt collection complaints, consumers were most concerned with collectors attempting to collect debt not owed, communication tactics by the collectors, and collectors taking or threatening illegal action.
- Credit reporting: The number three most complained about category was credit reporting, accounting for about 15 percent of overall complaints. For the approximately 24,000 complaints about credit reporting, nearly three out of four consumers were concerned with incorrect information on their credit report.