The states of most complaint, you ask? – California, Florida, Texas, New York, and Georgia.
In October, the Consumer Financial Protection Bureau released its Complaint Snapshot, which supplements the Consumer Response Annual Report and provides an overview of trends in consumer complaints received by the Bureau.
The Snapshot revealed that the CFPB has received 1.5 million complaints since January 1, 2015. Of those complaints, the most come from consumers in California, Florida, Texas, New York, and Georgia. Conversely, the CFPB received the fewest number of complaints from consumers in Wyoming.
In general, U.S. consumers complain more to the CFPB about credit or consumer reporting (i.e., that there is incorrect information on the report) and debt collection (i.e., that there are attempts to collect on debt allegedly not owed) than any other issues. The top complaints in the top states are as follows:
|Georgia||Credit or consumer reporting|
|Florida||Credit or consumer reporting|
|California||Credit or consumer reporting|
|New York||Credit or consumer reporting|
The report also highlights the financial products that result in the largest number of complaints to the CFPB. They include student loans, money transfers or services, virtual currency, prepaid cards, payday loans, and credit repair.
Click here to download the full report.
We will continue to monitor and report on developments in this area of consumer financial services and compliance.