WASHINGTON (1/29/16)--Consumer complaints about financial services such as debt settlement, check cashing, money orders, and credit repair are the subject of this month’s snapshot from the Consumer Financial Protection Bureau (CFPB).
The report shows that consumer complaints about these types of financial services generally revolve around issues of fraud or problems with reliable customer service.
The CFPB offers “other financial service” as an option for consumers submitting a complaint that falls outside of one of the bureau’s other major complaint categories.
As of Jan. 1, the bureau had handled roughly 2,700 other financial service complaints.
Findings in the monthly snapshot include:
In adding the report for December, the three most-complained-about financial products were credit reporting, debt collection, and mortgages, together representing 68% of complaints submitted.
Overall, the CFPB saw a 1% decrease in complaint volume between November and December 2015.
This month’s geographic spotlight examined New York state and the New York metropolitan area, which consists of parts of New York, New Jersey, Pennsylvania and Connecticut. According to the bureau, consumers in the New York metro area have submitted 57,700 complaints to the CFPB, while New York state has submitted a total of 50,400.
The bureau has received roughly 790,000 complaints since its inception.