On March 29, the Consumer Financial Protection Bureau (CFPB) released its monthly report summarizing consumer complaints received through February 2016. Overall to date, the CFPB has received over 834,400 complaints.
Nationally, the CFPB noted a 13 percent uptick in credit reporting complaints between January and February 2016. Many complaints concern credit reporting agencies. Most consumer complaints across all products come from California, Texas, New York, Florida, and Illinois. New York and Texas, however, have recently seen a significant percentage decrease in consumer complaints.
This month's report highlighted debt collection complaints. To date, the CFPB has received over 219,200 debt collection complaints. The most common issues consumers identify include attempts to collect on debts the consumers say they do not actually owe, consumers' inability to verify debts being collected, and repeated debt collection calls. Notably, the CFPB failed to provide any information as to how many of the complaints – particularly as to debt verification – it ultimately deemed valid.
The CFPB also highlighted complaints received from Florida consumers. Most Florida complaints concern residential mortgages. Florida's debt collection complaints follow the national trends the CFPB identified.
The CFPB's own summary of its report can be found here. The full report is here.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.