|
September 1, 2015 – The Consumer Financial Protection Bureau has released the second monthly snapshot from its complaint database. The paper shows that complaints against credit reporting agencies (CRAs), debt collectors and the nation’s largest mortgage lenders are on the rise.
Experian, Equifax and TransUnion all managed to make it into the top five companies receiving consumer complaints for the month. 77% of the complaints against the companies involved incorrect information that appeared on credit reports. Many of the errors involved debts that had already been paid, or debts which were not yet due but which were negatively impacting individual consumers. 97% of the credit reporting complaints received by the agency involved at least one of these companies. The combined complaints made credit reporting the second most complained about financial product in the month of July.
Debt collection was the most complained about product overall. These complaints made up 31% of the total volume of complaints filed with the agency for the same month.
Not surprisingly, the second most complained about financial product was home mortgages.
The top ten companies receiving complaints, in order, were Equifax, Experian, Bank of America, TransUnion, Wells Fargo, JPMorgan Chase, Citibank, Ocwen, Nationstar Mortgage and Capital One.
The entire CFPB report can be found here.
byJim Malmberg
Note: When posting a comment, please sign-in first if you want a response. If you are not registered, click here. Registration is easy and free.
Follow me on Twitter:
|
Credit Issues 
