The Consumer Financial Protection Bureau (CFPB) released its monthly report of consumer complaints today with a highlight on credit cards. A total of 930,700 complaints were received on various consumer financial products across the U.S. as of July 1, 2016.
The financial product or service with the most complaints was debt collection. The top three companies that received the most complaints from February through April 2016, were credit reporting companies Equifax, Experian, and TransUnion.
The second most-complained-about consumer product was credit reporting, which accounted for 5,001 complaints. The third most-complained-about financial product or service was mortgages, accounting for 4,323 complaints, according to the CFPB.
The Bureau has handled approximately 97,100 credit card-related complaints. Credit cards are currently used by more than half of adult consumers in the United States. These consumers collectively carry over $700 billion in credit card debt as of January 2015.
Some of the complaints highlighted by the CFPB were consumers perceive unfairness in credit decisions, credit card fees, rewards programs, confusion over how payments are applied to accounts with multiple balances, and how payments are applied to accounts that have more than one balance.
CFPB Director, Richard Cordray said, “Credit cards are an important tool in the day-to-day financial lives of a large number of consumers. It is important that credit card companies are being straightforward and clear about the costs and fees associated with their products so consumers have the information they need to make informed financial decisions.”
Mortgages are the most-complained-about product or service from Washington and the Seattle metro area. They accounted for 29 percent of the complaints submitted to the Bureau by consumers from Washington, while nationally mortgage complaints account for 25 percent of complaints.
The Monthly Complaint Report can be found at: http://www.consumerfinance.gov/data-research/research-reports/monthly-complaint-report-vol-13/