This month’s CFPB complaint snapshot spotlighted consumer complaints about financial services such as debt settlement, check cashing, money orders and credit repairs. Consumers’ most frequent complaints about these types of financial services generally revolve around issues of fraud or problems with reliable customer service. Specifically, consumers complained about excessive fees for debt settlement and credit repair services, problems redeeming money orders and fraud when consumers use money orders and travelers checks.
The CFPB offers “other financial service” as an option for consumers submitting complaints outside the major complaint categories. The CFPB has handled a total of 790,000 complaints nationally as of January 1, 2016, 2,700 of which regarded other financial service complaints. The report also took an in-depth look at New York State and the New York metro area.