Consumer Complaints Jump 80 Percent in 2013: CFPB

April 1, 2014
American Banker 
mortgage lending news
Americans inundated the Consumer Financial Protection Bureau with 160,000 grievances in 2013, almost 80 percent more than in the previous year, the regulator revealed in a report issued on March 31.

Issues related to mortgages, debt collection, and credit reporting dominated the influx of complaints. About 60,000 of them had to do with a mortgage, particularly from borrowers worried about their ability to pay and the threat of foreclosure. Another 31,000 were tied to debt collection, especially for money not owed and illegal collection tactics. Consumers concerned about inaccurate information on their credit report, meanwhile, accounted for an estimated 15 percent of last year's complaints.

Companies have responded to the overwhelming majority of the grievances -- 93 percent -- by offering alternative foreclosure options, restoring lines of credit, or providing protection from debt collectors. They have disputed just 21 percent of the complaints.









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