WASHINGTON—A new report indicates that in the Los Angeles metro area, mortgages are the financial services product consumers are least happy with.
The CFPB’s July consumer complaints snapshot included analysis of trends in the City of Angels.
As of August 1, 2015, consumers in California have submitted 94,000—14%—of the 677,200 complaints the CFPB has handled. Of those complaints, 33,700 of them have come from consumers in the Los Angeles metro area. ‘
Findings from the Los Angeles complaints include:
- Mortgages are the most-complained-about product: Mortgage-related complaints have been the most-complained-about product in Los Angeles metro area since the CFPB started taking complaints in July 2011. While the Bureau has received more mortgage complaints nationally than any other financial product, consumers in Los Angeles have submitted mortgage complaints at a higher rate—35% of total complaints—than the national average, which is 28% of total complaints.
- Fewer credit reporting and debt collection complaints than national numbers: For consumers in Los Angeles, credit reporting complaints—14% versus 16% of total complaints—and debt collection complaints—22% versus 25% of total complaints—make up a smaller percentage of the complaints they have submitted than consumers nationally.
- Companies that stand out: Without normalization, credit reporting companies Equifax and Experian were the two most-complained-about companies nationally over a twelve-month period. “In the Los Angeles metro area, however, the most-complained-about companies were Bank of America and Wells Fargo. In the Los Angeles metro area Experian was the third most-complained about company, followed by Equifax (fifth) and TransUnion (sixth),” the CFPB said.