CFPB Reports Debt Collection as Top Consumer Complaint
The Consumer Financial Protection Bureau has officially launched a new series of reports, in which the organization highlights the most common consumer complaints submitted to the Bureau over the previous three months. In each report, the CFPB plans to showcase a specific type of complaint in a certain location, while also noting key trends in complaints across the country.
According to the first report, debt collection remains the most common complaint despite signs of improvement.
“For the 22nd consecutive month, we handled more complaints about debt collection than any other type of complaint,” the report stated. “Debt collection complaints represented about 32% of complaints submitted in June 2015.”
Consumer loans showed the greatest increase in complaint volume, jumping 55% in the second quarter of 2015 compared to the same period last year. Credit reporting saw an increase in complaints of 27%, and credit cards showed a 17% rise. Debt collection and bank accounts posted the only declines in complaints, reporting a 7% and 8% decrease in complaint volume, respectively.
The top three companies with the most complaints for the February to April 2015 time period were Equifax, Experian and Bank of America.
The states with the largest increase in complaints year over year were Hawaii, West Virginia and Maine. On the other hand, South Dakota, Iowa and Rhode Island saw the largest decrease in complaint volumes during the same period.