On July 16, 2015, the CFPB launched the first of what will be monthly reports
highlighting trends in consumer complaints.
The Monthly Complaint Report uses a three-month rolling average to
compare the current average to the same period in the prior year,
and to account for monthly and seasonal fluctuations. For
company-level complaint data, the three-month rolling average
accounts for the 60 days a company has to respond to the
complaint.
In the July report, the greatest uptick in complaints, determined
from a three-month rolling average, involved consumer loans, with a
55% change year over year. This was followed by complaints
involving credit reporting, payday loans, and student loans, at
increases year over year of 27%, 26%, and 18%, respectively.
Complaints related to debt collection and bank account or services
fell 7% and 8%, respectively. Total consumer complaints increased
by 8% from July 2014.
The largest number of complaints involved debt collection
practices, at 32% of the total complaints, marking the 22nd
consecutive month in the top place. Debt collection was followed by
mortgage and credit reporting complaints in the second- and
third-place positions. The monthly report also provided a spotlight
on debt collection complaints, breaking the complaints into
categories, and noting which states had the greatest increase in
complaints. The spotlight on debt collection named the companies
and the states with the most complaints or greatest change in
complaint volume. Hawaii, West Virginia, and Maine experienced the
greatest increase in complaints year over year.
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