CFPB Releases State-Level Snapshot of Consumer Complaints

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Report Provides National and State-by-State Overviews regarding the Complaints Submitted to the Bureau

WASHINGTON, D.C. – Today the customer Financial Protection Bureau (CFPB) circulated an edition that is special of monthly problem report, providing a snapshot of customer complaints submitted in the united states. The report provides statistics on complaint volume, the products and services generating the most complaints, company response rates, and a look at complaints from servicemembers and older Americans for each state and the District of Columbia. The report additionally provides a nationwide overview and spotlights narratives submitted by customers regarding their experience with the CFPB’s problem process. Overall, the Bureau has gotten over 1,218,600 complaints at the time of June 1, 2017.

“The Bureau’s capability to get and process customer complaints allows us to know straight from individuals about their issues and allows us to focus on our strive to safeguard other people against comparable dilemmas,” said CFPB Director Richard Cordray. “This report provides information that is valuable the CFPB and also the general general general public about problems and styles we have been seeing from each state.”

The Dodd-Frank Wall Street Reform and customer Protection Act, which created the CFPB, founded customer grievance maneuvering being a part that is integral of CFPB’s work. The CFPB started accepting complaints since quickly since it started its doorways in July 2011. It presently takes complaints on numerous customer lending options, including charge cards, mortgages, bank reports and services, figuratively speaking, car along with other customer loans, credit scoring, cash transfers, business collection agencies, and pay day loans.

Today’s snapshot is a unique version regarding the month-to-month grievance report that the CFPB generates each month. First published in July 2015, the month-to-month problem report provides a normal improvement regarding the dilemmas consumers face. Monthly issue reports add a nationwide overview, a item limelight, and a better appearance during the complaints in one single state. This unique version report takes a new approach with brand new nationwide data which can be additionally determined for every single state and also the District of Columbia. A few of the nationwide takeaways consist of:

  • Problem amount rose 7 per cent between 2015 and 2016: The Bureau has proceeded to see an improvement within the level of complaints submitted by customers. In 2015 the CFPB received 271,600 complaints; this figure expanded to 291,400 complaints gotten in 2016.
  • Companies supplied a response that is timely 97 per cent of complaints they received through the CFPB: The CFPB considers an answer become prompt in the event that business reacts within 15 times. Because the Bureau started complaints that are accepting July 2011, businesses have actually supplied prompt responses 97 per cent of that time period.
  • Over 1 / 2 of customers publishing complaints choose to have their narrative posted: In July 2015, the Bureau started posting detail by detail consumer information of dilemmas that they had familiar with an economic service or product. Because the CFPB started to allow customers to share their experiences publicly, 52 per cent for the customers whom presented complaints straight to the Bureau have opted to fairly share their narrative information of just exactly just just what occurred. The narratives, which are scrubbed of consumer’s individual information, will help customers study from issues that other people experience. The narratives also provide to greatly help encourage organizations to boost the quality that is overall of services and products and much more vigorously compete over good customer support.
  • Business collection agencies and home loan complaints account fully for 50 % of complaints submitted: Business collection agencies and complaints that are mortgage-related for 50 per cent for the approximately 1.2 million complaints the Bureau has gotten. Although the Bureau just started debt that is accepting complaints in July 2013, commercial collection agency happens to be probably the most complained about products or services, with about 316,810 complaints up to now. These complaints, which represent 27 % associated with volume that is overall consist of complaints about tries to gather on debts perhaps perhaps maybe not owed by customers and duplicated and harassing telephone telephone calls from enthusiasts. The Bureau started using home loan complaints in December 2011, also to date has gotten roughly 272,153 mortgage-related complaints. These complaints, which represent 23 % of this volume that is total consist of complaints about dilemmas customers encounter coping with their servicer when they’re struggling to help make re payments.

This unique version month-to-month grievance report supplements the data and styles seen regarding the nationwide degree with an analysis of complaints originating from each state and also the District of Columbia. This month’s report expands upon that information while each monthly complaint report contains state-level data. For every single continuing this page state in addition to District of Columbia, it offers details on total complaints gotten, quantity of complaints from specialty populations, alterations in amount of complaints submitted, and business reaction data, along with details about certain products customers have actually reported about.

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