The May 2017 Monthly Complaint Report summarizes the complaints submitted by people age 62 and older. The report highlights issues that older consumers are more likely to experience than their younger counterparts, including issues with traditional and reverse mortgages, credit cards, and bank accounts and services.
We recently published our Consumer Response Annual Report, which provides an overview of the complaints we received in 2016.
When you have an issue with a financial product or service, you have the right to have your complaint heard and responded to. Many people submit complaints to us online on their own, but did you know that you can also call our toll-free number to talk to a real person and get help submitting a complaint?
Harry noticed that his son Ari, a servicemember, was struggling with his car loan, so he reached out to the Consumer Financial Protection Bureau. His story led to our investigation into an auto loan program that we found was using deceptive marketing and lending practices to target servicemembers.
In Jorge’s words, “Within two weeks, everything was finalized . . . [I got] a letter saying it’s gone.” He continued, “Having a good credit score and a clean credit record is always good. No one was going to help me with my problem – and I took charge, by contacting the CFPB.”
Today, for the first time, we are making consumers’ complaint narratives – the heart and soul of the complaints we receive – public. These narratives are important because they tell the story of what happened in the consumers’ own words. Making these consumer narratives public amplifies the voice of the consumer.
Some of these companies, called specialty consumer reporting agencies, compile and sell reports with all kinds of personal data including, but not limited to, the history of your employment, rental, banking, lending, insurance, and criminal background. This includes other public record data such as tax liens, civil suits and bankruptcy data. We’ve got a list of consumer reporting agencies, so you can fact-check them to ensure your personal report data is accurate and complete.
While you can see hundreds of thousands of complaints in the Consumer Complaint Database, these complaints are much more than just data to us. They reflect real and tough challenges people face every day as they try to navigate the financial world. Now we’re giving you the choice to publish your story in our Consumer Complaint Database and help others see what’s happening in the financial marketplace. Learn more about how we’re lifting your voice.
Today, we held a field hearing on consumer complaints in El Paso, Texas. The event featured remarks from Director Richard Cordray, as well as testimony from consumer groups, industry representatives, and members of the public. The live event has now ended, but a recording will be available here soon.
Every complaint helps us in our work to supervise companies, enforce federal consumer financial laws, and write better rules and regulations. You speaking up gives us important insight into the issues you face as a consumer, so thank you!