CFPB Releases Monthly Complaint Report on Credit Cards
Fri 31 Mar, 2017 / by McIntyre & Lemon / Client Alerts
03/31/17 —The Consumer Financial Protection Bureau (CFPB) has released a monthly complaint snapshot highlighting consumer complaints about credit cards.
The snapshot shows that consumers continue to report problems when they attempt to dispute charges on their card. This month’s report also highlights trends seen in complaints coming from Massachusetts.
As of March 1, 2017, the Bureau had handled approximately 116,200 credit card complaints. Some of the findings in the snapshot indicate that consumers report issues with fraudulent charges, complain about confusion over reward programs, and report being victims of identity theft.
As of March 1, 2017, the Bureau had handled approximately 1,136,000 consumer complaints nationally. For February 2017, debt collection was the most-complained-about financial product or service. Of the approximately 26,000 complaints handled in February, there were 7,755 complaints about debt collection. The second most-complained-about consumer product was credit reporting, which accounted for 4,902 complaints. The third most-complained-about financial product or service was mortgages, accounting for 3,718 complaints.
In a year-to-year comparison examining the three-month time period of December to February, student loan complaints showed the greatest increase—429 percent—of any product or service. The Bureau received 2,913 student loan complaints between December 2016 and February 2017, while it received 551 complaints during the same time period last year.