The Consumer Financial Protection Bureau (previously the Bureau of Consumer Financial Protection) has been collecting, investigating and responding to consumer complaints since 2011. The BCFP recently released a Complaint snapshot report for all 50 states’ aggregated complaint data from January 1, 2015 to June 30, 2018. Complaints range from a wide variety of issues occurring in the financial services sector like money transfers, debt collection and product concerns submitted by consumers everyday. This offers consumers the opportunity for their voices to be heard by financial institutions and the regulators, and results in a better, more protected financial marketplace for all.
This Complaint snapshot, developed by the Bureau’s Office of Consumer Response, reveals consumer complaint data trends between states. Highlights include:
- The top 5 industries for complaints are Debt Collection, Credit Reporting, Mortgage, Credit Card and Checking/Savings
- At 302,438 complaints, Debt Collection had the highest number of complaints, 40% of which were “attempts to collect debt not owed"
- California has had the highest number of consumer complaints (138,535 complaints) between January 1, 2015 and June 30, 2018
It’s not all bad news. 98% of companies with complaints filed against them exhibited timely responses (within the recommended 15 day timeframe set forth by the BCFP), demonstrating that organizations are taking appropriate action. Public BCFP complaint data is causing organizations to act on consumer complaints, while also identifying the players and areas of the industry that must ensure compliance.
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This post was originally published in 2018 but has since been edited for clarity and accuracy.