CFPB's Monthly Complaint Report Highlights Credit Reporting

The CFPB highlighted consumer complaints about credit reporting agencies in their May Monthly Complaint Report. Consumers have submitted over 140,000 credit reporting complaints so far to the CFPB since 2011.

The CFPB also outlined changes in complaint trends. While the number of credit reporting and payday loan complaints decreased since 2015, student loans saw a 48% percent increase in complaints since 2015 and seems to be the next target for regulation. The CFPB has already been making joint efforts with the Department of Education and Treasury to oversee student loan servicing practices.

See our analysis of trends and risk signals in the CFPB Complaint Database. Our CFPB Risk Signal Report reveals complaint trends across industries and complaint thresholds for fines. Download your free copy today!

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Tags: Regulatory Compliance

Understanding and complying with UDAAP policy can be a challenge

Download this guide to learn what every company should know to reduce exposure to Unfair, Deceptive or Abusive Acts and Practices (UDAAPs) and other common compliance violations.