CFPB Releases State-Level Snapshot of Consumer Complaints

Report Provides National and State-by-State Overviews of this Complaints Submitted to the Bureau

WASHINGTON, D.C. – Today the buyer Financial Protection Bureau (CFPB) circulated a unique version of their month-to-month issue report, supplying a snapshot of customer complaints submitted around the world. The report provides statistics on complaint volume, the products and services generating the most complaints, company response rates, and a look at complaints from servicemembers and older Americans for each state and the District of Columbia. The report additionally provides nationwide overview and spotlights narratives submitted by customers regarding their experience with the CFPB’s grievance process. Overall, the Bureau has gotten over 1,218,600 complaints at the time of 1, 2017 june.

“The Bureau’s capability to get and process customer complaints allows us to listen to straight from individuals about their issues and helps us prioritize our strive to protect other people against comparable dilemmas,” said CFPB Director Richard Cordray. “This report provides valuable information to the CFPB plus the general general public about problems and styles our company is seeing from each state.”

The Dodd-Frank Wall Street Reform and customer Protection Act, which developed the CFPB, founded customer grievance managing being a part that is integral of CFPB’s work. The CFPB started complaints that are accepting quickly since it launched its doorways in July 2011. It presently takes complaints on numerous customer financial loans, including bank cards, mortgages, bank reports and services, figuratively speaking, car along with other customer loans, credit rating, cash transfers, business collection agencies, and pay day loans.

Today’s snapshot is an unique version associated with month-to-month grievance report that the CFPB creates each month. First published in July 2015, the complaint that is monthly provides a frequent enhance in the dilemmas consumers face. Monthly issue reports consist of a nationwide overview, an item limelight, and a better appearance during the complaints in one single state. This unique version report takes another type of approach with brand new nationwide data which can be additionally calculated for every single state therefore the District of Columbia. A number of the nationwide takeaways consist of:

  • Problem amount rose 7 per cent between 2015 and 2016: The Bureau has proceeded to see a rise into the level of complaints submitted by customers. In 2015 the CFPB received 271,600 complaints; this figure expanded to 291,400 complaints gotten in 2016.
  • Companies supplied a prompt reaction to 97 % of complaints they received through the CFPB: The CFPB considers an answer become prompt in the event that business reacts within 15 times. Considering that the Bureau started accepting complaints in July 2011, organizations have actually supplied prompt reactions 97 % of that time.
  • Over 50 % of customers publishing complaints choose to have their narrative posted: In July 2015, the Bureau started posting consumer that is detailed of issues that they had familiar with a monetary products or services. Because the CFPB started initially to allow customers to share their experiences publicly, 52 % associated with the customers whom presented complaints straight to the Bureau have actually opted to talk about their narrative explanations of just what occurred. The narratives, that are scrubbed of consumer’s individual information, will help customers study from conditions that other people experience. The narratives also provide to greatly help encourage organizations to boost the general quality of these products and much more vigorously compete over good customer support.
  • Commercial collection agency and home loan complaints account fully for 50 % of complaints submitted: Commercial collection agency and complaints that are mortgage-related for 50 per cent of this approximately 1.2 million complaints the Bureau has gotten. Although the Bureau just started accepting business collection agencies complaints in July 2013, business collection agencies happens to be the absolute most complained about service or product, with roughly 316,810 complaints up to now. These complaints, which represent 27 per cent associated with general amount, consist of complaints about attempts to gather on debts perhaps maybe maybe maybe not owed by customers and duplicated and harassing phone telephone telephone calls from enthusiasts. The Bureau started using home loan complaints in December 2011, also to date has gotten about 272,153 mortgage-related complaints. These complaints, which represent 23 % regarding the total amount, consist of complaints about issues customers encounter coping with their servicer when they’re struggling to produce re re payments.

This edition that is special grievance report supplements the data and styles seen in the nationwide degree by having an analysis of complaints originating from each state as well as the District of Columbia. This month’s report expands upon that information while each monthly complaint report contains state-level data. For every state plus the District of Columbia, it gives information on total complaints gotten, quantity of complaints from specialty populations, alterations in level of complaints submitted, and business reaction data, along with details about particular services and products consumers have actually complained about.