Each month, the Consumer Financial Protection Bureau (CFPB) publishes a complaint report outlining and highlighting volume and percentage of consumers’ reported financial complaints.
The CFPB is an agency tasked with providing consumers with financial protection and empowerment by improving existing consumer protection rules, enforcing rules and providing tools and resources for consumers.
Analyzing Financial Complaints
CFPB’s monthly report analyzes financial complaints reported by consumers over a three-month rolling average, from Aug.-Oct. 2016. It compares this three-month report with last year’s report in addition to breaking down complaints by product or service, state and financial company.
November’s report spotlights complaints related to the category of “Other Financial Services”. This spotlight indicates that the majority of these types of complaints arose from fraud and scams related to debt settlement services.
Here is a short breakdown of some of the top reported financial complaints for November 2017:
Other Financial Services
- Of 4,500 reported complaints, over 50% arose from fraud or scams
- Debt-settlement comprised about 50% of the financial complaints
Financial Complaints Nationwide
- Debt-collection is reported as the #1 complaint, nationwide
- Credit reporting ranks 2nd for most-complained about service
- Student-loan complaints see a 108% increase from 2015
Financial Complaints by State
- Alaska, New Mexico and Missouri saw the highest rise in consumer complaints reported between this year and last
Financial Complaints by Company
- Credit reporting companies were the focus of most consumer complaints this year
- Equifax, Experian and TransUnion were the top 3 companies receiving most consumer complaints
Consumers continue to be plagued by risk of financial fraud. Fraud and scams remain the biggest problem for the CFPB and other financial watchdog groups working to protect consumers and ensure transparency between financial companies and their customers.
While it may seem difficult to fight for your financial security, Savage Villoch Law is here to help. Contact us if you feel you have been victimized by investment fraud or other type of financial scam.
Click here to view the CFPB’s full report for November. To find out more about the tools and resources available to consumers, visit the CFPB’s website.