On August 25, 2015, the CFPB released its monthly consumer
complaints snapshot. This is the second monthly report highlighting
trends from consumer complaints. Each month, the report focuses on
a specific product, provides an overview of national complaints,
and provides a geographic spotlight.
This month the snapshot called out data derived from consumer
complaints about credit reporting companies. The CFPB noted a
drastic increase month over month and year over year for this
product. Specifically, the data showed a 56% increase from last
month and an increase of over 45% compared to the same time period
last year. A vast majority of these complaints involved incorrect
information showing up on credit reports. Approximately 97% of the
complaints involved the three nationwide credit reporting
agencies.
Nationally, the most complained about financial product or service
was debt collection, representing almost a third of all complaints.
In addition, the snapshot noted that consumer loan complaints,
including pawn loans, title loans, and installment loans, showed
the greatest increase in reports filed, increasing over 60% year
over year. Conversely, bank account or service complaints showed
the greatest decrease year over year of 4%.
Rounding out the report, the CFPB reported on complaints coming out
of the Los Angeles, California metro area. The most complained
about product in Los Angeles was mortgages, representing 35% of
total complaints—7% higher than the national average. Los
Angeles also registered fewer credit reporting and debt collection
complaints than the national average.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.