Report shows lenders trends in consumer complaints
Today’s report provides complaint highlights as of July 1, 2015. Information includes:
Complaint volume: For June 2015, the most-complained-about financial product or service was debt collection, representing about 32% of complaints submitted. Of the 23,400 complaints handled, more than 7,400 of them were about debt collection. The second most-complained-about consumer product was mortgages, accounting for more than 4,700 complaints. Credit reporting, came in third, accounting for more than 4,300 complaints.
Product trends: Consumer loan complaints showed the greatest percentage increase from the same time last year, nearly doubling from approximately 660 complaints to 1,020 complaints on average per month.
State information: Hawaii, West Virginia, and Maine experienced the greatest complaint volume increases from the same time last year; with Hawaii up 41%, and West Virginia and Maine up 38%. South Dakota, Iowa, and Rhode Island experienced the greatest complaint volume decrease from the same time last year, with South Dakota down 40%, Iowa down 14%, and Rhode Island down 12%.
Most-complained-about companies: While company-level information should be considered in the context of company size, the top three companies that received the most complaints from CFPB for February through April 2015 were Equifax, Experian, and Bank of America. Equifax experienced the greatest jump in complaints over the same period last year, up 8%.