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Wednesday, April 5, 2017

CFPB Publishes Annual Consumer Complaints Report

The CFPB recently published its 2016 Annual Report of Consumer Complaints. The report finds that financial companies provide timely responses to consumer complaints, with 97% of complaints receiving a timely response.
The three most-complained about consumer financial products and services for 2016 were debt collection, credit reporting and mortgages, representing about 67% of total complaints submitted for the year.

The bureau began accepting consumer complaints over five years ago. In that time they have accepted approximately 1.1 million complaints. The CFPB accepted 291,400 consumer complaints in 2016.

Read the report.

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