WASHINGTON–As of Feb. 1, 2016, the CFPB has handled 811,700 complaints nationally, with complaints related to financial products primarily having to do with debt collection, mortgages and credit reporting.
Overall, said the CFPB, it saw an 8% increase in complaint volume between December 2015 and January 2016.
Among the findings in its most recent Snapshot report
- Product trends: In a comparison of November 2015 through January 2016 versus the same time period 12 months before, complaints about other financial services such as debt settlement, check cashing, and money orders rose 77%. Between Nov. 1, 2015 and Jan. 31, 2016, the CFPB received 178 complaints about products considered “other financial services.” Payday loan complaints showed the greatest decrease—12%—during the same time period.
- State information: In a year-to-year comparison Arizona saw the greatest increase in complaint volume—33%—during the same three-month time period.
- Most-complained-about companies: The three companies about which the CFPB received the most complaints between September and November of 2015 were Equifax, TransUnion, and Experian. Company-level information should be considered in the context of company size and activity in the relevant market.