CLLA Update: Growing Complaint Volume to CFPB
Staff, Staff | January 09, 2015
Complaints to the CFPB about financial products and services continued to grow at a rapid pace in 2014, highlighting familiar problem areas such as mortgages, debt collection, and credit reporting.
The agency's Consumer Response system is set to report handling in the range of 145,000 complaints compared to about 180,000 for 2012 and 2013 combined. The volume of debt collection complaints in October 2014 was 77 percent higher than it was in October 2013. The most common type of complaint was repeated attempts to collect debt that belonged to different people. Communication tactics, improper sharing of information and false statements or representation were also top complaint topics and continued to grow.
The complaint database remains a work in progress, but a proposal issued in July would change the status of the database by posting consumers' complaints. The CFPB said posting consumers' personal stories can give context to complaints, allow the public to detect trends and pinpoint problems.
The Consumer Response system will include a portal that allows companies to view and respond to complaints after they have been submitted by consumers. The CFPB is creating a form that will help streamline information collection from companies seeking to register to use the portal and respond to complaints.