Credit complaints have skyrocketed, with student loan complaints showing the greatest increase, according to the Consumer Financial Protection Bureau’s (CFPB) most recent Monthly Complaint Report, which tabulated consumer complaints from December 2016-February 2017.
According to the CFPB, debt collection, credit reporting, and mortgage were the top three most-complained about consumer financial products and services, collectively representing about 62 percent of complaints submitted in February 2017. Student loan complaints showed the greatest percentage increase from December 2015 - February 2016 (551 complaints) to December 2016 - February 2017 (2,913 complaints), representing about a 429 percent increase.
The volume of mortgage-related complaints received by the Consumer Financial Protection Bureau (CFPB) has declined. The report stated that there were 3,718 mortgage-related complaints—which is a -10 percent change from last month’s report, which recorded 4,195 mortgage-related complaints.
The most mortgage-related complaints were reported for Wells Fargo, Bank of America, JPMorgan Chase, Citibank, and Capital One. Wells Fargo also saw the biggest increase in overall complaints (47 percent), followed by TransUnion, Experian, and Equifax.
One east coast city and state stood out among the rest when it came to reporting complaints. As of March 1, consumers in Massachusetts were responsible for submitting 20,600 of the 1,136,000 complaints that the CFPB has handled. Approximately 15,400 of those complaints came from consumers who reside in the Boston metro area.
Complaints related to mortgages accounted for 26 percent of all complaints submitted by consumers from Massachusetts, while mortgage complaints account for 24 percent of complaints submitted to the Bureau nationally.
Overall, complaints increased the most in Montana (53 percent), Georgia (53 percent), Missouri (39 percent), and South Carolina (39 percent), and Louisiana (31 percent) from February 2016 to February 2017. The biggest declines were in West Virginia (-6 percent), Kansas (-3 percent), and New Hampshire (-3 percent).
The CFPB has handled more than 1.1 million complaints since the beginning of the month. To see the CFPB’s full monthly report, click here.