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Monday, March 31, 2014

CFPB: Complaints Rose 80% in 2013

Consumer complaint volume nearly doubled from 91,000 complaints received in 2012 to 163,700 complaints received in 2013, the CFPB announced in its Consumer Response Annual Report. The CFPB accepts complaints about mortgages, bank accounts and services, private student loans, vehicle and other consumer loans, credit reporting, money transfers, debt collection and payday loans. The top three complaints in 2013 were:

  • Mortgages: There were 60,000 complaints, accounting for 37% of overall complaints. Consumers were mostly concerned with problems when they were unable to pay.
  • Debt collection: CFPB received a total of 31,000 complaints, accounting for 19% of overall complaints. Consumers were most concerned with collectors attempting to collect debt not owed, communication tactics by the collectors and collectors taking or threatening illegal action.
  • Credit reporting: The 24,000 debt collection complaints account for 15% of overall complaints. Nearly three out of four consumers were concerned with incorrect information on their credit report.

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