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What 1 million complaints – and people from all over the U.S. – tell us about the financial marketplace

On August 1, 2016 we will publish a notice of a proposed information collection in the Federal Register. 

Take control of your financial life with these ten tools that can help you make choices at the grocery store, pay your credit card bill, and deal with debt. They can also prepare you for money decisions like buying a home or figuring out how to pay for college.

Learn about the five financial products and services we’ve received the most complaints about in the last 5 years. Check out the resources we’ve created to help you understand credit cards, debt collection, mortgages, credit reports, banking accounts, and more.

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.

The number of complaints we receive from the military community continues to grow; from 2014-2015, complaints increased by 13 percent. For the second year in a row, debt collection, mortgages, and credit reporting were the top three complaint categories for the military community. Debt collection—by a large margin—was the top complaint category, comprising nearly half of our military complaints.

In the past month, credit reporting complaints showed the greatest monthly percentage increase compared to other products the CFPB accepts complaints about (including debt collection, mortgages and credit cards – to name a few). Check out this month’s report to see trends across all consumer complaints.

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.

We know that buying a home can be complicated, and that’s why we’ve created tools to help home buyers understand and shop for mortgages. We’re glad that Navid and his wife got the help they needed, and we’re here for you, too!

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.

If you are paying back student loans, you are not alone. Over 40 million Americans are repaying more than $1.2 trillion in outstanding student loan debt. Paying off student debt can be stressful. If you’ve run into roadblocks, tell us about it. Learn more about the roadblocks some borrowers face and tell us about your experience.

Today, we’re releasing our third Snapshot of Complaints Received from Servicemembers, Veterans and their Families. The report details the data and trends from consumer complaints we’ve received from members of the military community since July 2011. Here are just a few highlights.

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’re asking several players in the student loan industry to find out what progress they’ve made. We’re looking to find out what loan modification options lenders and servicers provide, how customers can learn about their repayment options, and how borrowers can get approved. This effort also complements the work of the CFPB and our other regulators to help prevent repayment problems for future borrowers.

Servicemembers, veterans and military families have submitted more than 11,000 debt collection complaints to the CFPB since we began accepting them in July 2013 – our fastest-growing category of complaints. Among other things, we’ve received reports that some debt collectors are threatening servicemembers by claiming that they will report the unpaid debt to their commanding officer, have the servicemember busted in rank or even have their security clearance revoked if they don’t pay up.

For all of you faced with student loan payments and crafting New Year’s resolutions to conquer your debt, we’ve put together some tips to help you navigate through the noise.

Today, we’re releasing a report that looks at deals between financial institutions and colleges to market credit cards to students. This year we found that there are fewer schools marketing credit cards, and those that do are not making their agreements with credit card companies readily accessible to students.

Today, we’re reminding lenders that placing unnecessary documentation requirements on recipients of Social Security disability income, including disabled veterans, may raise fair lending concerns. Following the guidelines and standards noted in the bulletin may help lenders comply with fair lending laws.

We encourage all consumers to check their credit report regularly, but we want to especially encourage veterans who use this benefit to be sure that their student loan servicer (the company that collects payments) is providing correct information about their loan discharge to credit bureaus (the companies that compile and sell credit reports).

We’re glad Venida got the help she needed, and we want to make sure that you know that we’re here for you too.

RSVP to join us for a Credit Union Advisory Council meeting in Washington, D.C., where we’ll discuss overdrafts and consumer complaints.

Last year, together with the Department of Justice, we filed a complaint against National City Bank (National City) for discriminating in mortgage loan pricing. The complaint alleged that National City charged African-American and Hispanic borrowers higher prices on their mortgage loans than similarly-situated white borrowers between 2002 and 2008. The parties agreed on a settlement, and a federal court has ordered PNC Bank, which purchased National City in 2009, to provide $35 million in relief to minority borrowers who overpaid.

We announced a lawsuit against for-profit college chain Corinthian Colleges, Inc. We allege that the company lured in tens of thousands of students to take out private loans to cover expensive tuition costs by advertising bogus job prospects and career services. Read our special notice for current and former Corinthian students.