The Consumer Financial Protection Bureau ("CFPB") published the Consumer Response Annual Report for 2017. The Report summarizes consumer complaints reported to the CFPB in 2017 and corresponding company responses. The CFPB Office of Consumer Response reported that most of the complaints concerned credit or consumer reporting (31 percent), followed by debt collection (26 percent) and then mortgages (12 percent).
According to the CFPB, 78 percent of the 320,200 consumer complaints were sent to companies for reviews and responses, 16 percent were directed to other regulatory agencies, and 5 percent were classified as incomplete. The CFPB said that (i) companies responded to 95 percent of the complaints referred to them and (ii) 89 percent of the complaints referred to companies were closed. The Report includes a breakdown of how companies handled different types of complaints. Overall, 75 percent of all consumer cases were "closed with an explanation," 10 percent were "closed with non-monetary relief" and 4 percent were "closed with monetary relief."
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