WASHINGTON (3/23/16)--U.S. military servicemembers have been submitting debt collection complaints to the Consumer Financial Protection Bureau at nearly twice the rate of non-military consumers, according to the agency.
The CFPB's Office of Servicemember Affairs released an annual report Tuesday highlighting complaints submitted in 2015 and CFPB enforcement actions that directly impacted the military community.
In 2015, servicemembers submitted around 2,800 complaints related to mortgages. The report names the most common complaint in this area involved challenges servicemembers faced when unable to make payments, such as problems with loan modifications, collections, and foreclosures. In particular, it states, servicemembers continued to experience servicing issues when they had to relocate following a permanent change of station order sending them from one base to another.
In the area of credit reporting, 2,200 complaints were filed in 2015 by members of the military. A full 72% of these cited incorrect information on credit reports as the problem. . When servicemembers have attempted to fix the situation, for instance upon return from deployment of temporary duty stations--the report says they often experienced difficulty seeking a successful resolution with creditors.
The report can be found here.