The Consumer Financial Protection Bureau (CFPB) has received over 1,218,600 complaints as of June 1st.
Debt collection and mortgage-related complaints account for 50% of the roughly 1.2 million complaints the Bureau has received. Though the Bureau only began accepting debt collection complaints in July 2013, debt collection has been the most complained about product or service, with approximately 316,810 complaints to date. These complaints, which represent 27% of the overall volume, include complaints about attempts to collect on debts not owed by consumers and repeated and harassing calls from collectors.
The Bureau began taking mortgage complaints in December 2011, and to date has received approximately 272,153 mortgage-related complaints. These complaints, which represent 23% of the total volume, include complaints about problems consumers experience dealing with their servicer when they are struggling to make payments.
The CFPB now issues a monthly complaint report, providing a snapshot of consumer complaints submitted across the country. For each state and the District of Columbia, 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.
The report also gives a national overview and spotlights narratives submitted by consumers regarding their experience with the CFPB’s complaint process.
The Dodd-Frank Wall Street Reform and Consumer Protection Act, which created the CFPB, established consumer complaint handling as an integral part of the CFPB’s work.
The CFPB began accepting complaints as soon as it opened its doors in July 2011. It currently accepts complaints on many consumer financial products, including credit cards, mortgages, bank accounts and services, student loans, vehicle and other consumer loans, credit reporting, money transfers, debt collection, and payday loans.