The CFPB recently issued its first Consumer Response Annual Report to Congress. The report includes CFPB’s analysis of complaints received from July 21st, 2011 through December 31st, 2011, providing details on the CFPB’s process for handling complaints.
According to the report, the CFPB received 13,210 complaints during this time frame, which included 9,307 credit card complaints and 2,326 mortgage complaints. The three most common credit card complaints involved billing disputes (13.7%), identity theft/fraud/embezzlement (10.9%) or APR or interest rate (10.2%). Nearly 60% of the mortgage complaints involved making payments (servicing, payments, escrow) or problems when the consumer is unable to pay (loan modification, collection, foreclosure).
Read the full report.