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Thursday, April 2, 2015

CFPB Releases Consumer Response Report

The CFPB released its Consumer Response Annual Report, summarizing the handling and analysis of consumer complaints from January 1 to December 31, 2014. During that time, the Bureau expanded its complaint handling to include prepaid cards, credit repair, debt settlement, pawn and title loans and virtual currency.

Since beginning to accept complaints on July 21, 2011 and through February 28, 2015, the CFPB has handled approximately 558,800 consumer complaints. For 2014, the debt collection category received 35% of all complaints, followed by mortgage (20%) and credit reporting (18%). Year over year, complaint volume has steadily increased, rising 53% from 163,700 in 2013 to 250,700 in 2014.

A company has 15 calendar days to respond to the complaint; following the 15 days the complaint and the company response will be made public. If the company has not responded by that point, the complaint is posted without a response. The database also includes information about the
actions taken by a company in response to a complaint – whether the company’s response was timely, how the company responded, and whether the consumer disputed the company’s response.

Read the report.

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