|April 21, 2014|
Previously published on April 9, 2014
On March 31st, the CFPB issued its Consumer Response Annual Report.1 According to the Report, which reviews the complaints received by the CFPB during the 2013 calendar year, the CFPB received 163,700 complaints—an 80 percent increase over 2012. The Report summarizes the complaints by category and companies’ responses to them. The top three complaints in 2013 were:
Mortgages: The most common complaint regarded mortgages, accounting for 37 percent of overall complaints. Consumers complained most about issues relating to loan modifications, collections and foreclosures.
Debt collection: The second most common complaint regarded debt collection, accounting for 19 percent of overall complaints. Consumers complained the most about collectors attempting to collect debt not owed, communication tactics by the collectors, and collectors taking or threatening illegal action.
Credit reporting: The third most common complaint regarded credit reporting, accounting for about 15 percent of overall complaints. Consumers complained the most about incorrect information on their credit report.
Companies responded to in a timely fashion to 99 percent of the complaints, but monetary relief was granted to consumers in only about 7 percent of the complaints. The Report also details the types of non-monetary relief consumers received. These types of relief included alternatives to mortgage foreclosure, restored lines of credit and corrections to credit reports.
1 See the Report at http://files.consumerfinance.gov/f/201403&under;cfpb&under;consumer-response-annual-report-complaints.pdf.