Regulation

Consumer complaints to CFPB rise by 80 percent in 2013

cfpbA report released by the CFPB on Monday showed consumer complaints reported to the bureau increased by 80 percent last year.

The agency’s annual Consumer Response Report showed the CFPB received approximately 164,000 complaints last year, compared to 91,000 in 2012.

Among the more than 310,000 complaints received by the agency since it began its consumer response operations in 2011, the three most common complaints were related to mortgages, debt collection and credit reporting.

According to the report, mortgage-related problems accounted for 37 percent of overall complaints, with the top grievances being inability to pay and associated issues related to loan modifications, collections and foreclosures.

Debt collection complaints accounted for 19 percent of overall complaints. Consumers voiced concerns related to debt collectors attempting to collect debts not owed, aggressive or abusive communication tactics and debt collectors threatening to take illegal actions.

Approximately 15 percent of overall complaints related to credit reporting issues. Nearly 75 percent of consumers who reported complaints related to credit reporting voiced concern regarding incorrect information on their credit report.

“Consumer complaints have become central to the work of this agency,” CFPB Director Richard Cordray said. “They enable us to listen to, and amplify, the concerns of any American who wants to be heard. They are also our compass. They make a difference by informing our work and helping us identify and prioritize problems for potential action.”

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