CFPB Reports 32% Increase in Credit Card Complaints
According to the latest Monthly Complaints Report from the Consumer Financial Protection Bureau, credit card complaints from September to November 2016 increased 32% over year-ago levels. Student loans had even higher complaints during this three-month period, jumping up 120% from 2015 to 2016.
The companies that had the largest volume of CFPB complaints on credit cards during the September to November time period were Citibank, Capital One, JPMorgan Chase, and Synchrony Financial.
Since its development, the CFPB has received 109,328 credit card complaints and 177,469 credit reporting complaints. Debt collection complaints remain the highest overall with a total of 285,752. The CFPB says debt collection, credit reporting and mortgage complaints represent 64% of issues reported in November 2016.
Some of the least-complained about products are prepaid cards and money transfers, both of which had less than 7,000 complaints. In general, prepaid cards have fared quite well compared to other financial services. Complaints for this category decreased by 59% versus year-ago levels. This may be partly due to new regulations from the CFPB designed to protect prepaid cardholders. Prepaid issuers are now required to provide easy access to information about each user’s account, some of which used to cost money to obtain.