The CFPB complaint snapshot for November highlighted debt settlement, check cashing and other financial service complaints. When consumers submit a complaint that falls outside one of the Bureau’s major complaint categories, their complaint is listed under the category “other financial service”. The types of complaints that make up this category include debt settlement, check cashing, credit repair, and money orders.
The report shows that consumer complaints about these types of financial services generally revolve around issues of fraud or problems with reliable customer service. The majority of complaints were related to fraud or scam. These complaints generally had to do with consumers dealing with debt settlement companies. Consumers also complained of trouble redeeming money orders.
As of Nov. 1, 2016, the Bureau had handled approximately 4,500 complaints about these types of financial services. The report also took an in depth look at consumer complaints from Oklahoma and the Oklahoma City metro area.
Read the report.