On December 27, 2016, the Consumer Financial Protection Bureau (CFPB) released its latest Monthly Complaint Report for November 2016, which provides an overview of three-month trends in consumer complaints. This Monthly Report also highlights consumer complaints related to debt collection and complaints from Arizona.
Debt Collection Spotlight
The CFPB has received more complaints related to debt collection than any other financial product or service. The CFPB has received approximately 285,000 debt collection complaints out of the 1,058,100 total complaints it has received across all products and services.
The CFPB’s debt collection snapshot shows that:
- Over a third of complaints relate to consumers being contacted about debts that they do not owe;
- Complaints often relate to consumer accounts being forwarded to third-party collectors without notice to consumers;
- Many complaints relate to consumers being contacted multiple times by debt collectors; and
- The three most complained about companies were Portfolio Recovery Associates, Inc., Encore Capital Group, and ERC.
National Complaint Overview
Some of the CFPB’s findings related to the approximately 1,058,100 complaints that it has handled include:
- Debt collection is the most complained about financial product or service;
- Prepaid product complaints showed the greatest decrease in a year-to-year comparison examining the three-month period from September to November;
- Iowa, Georgia, and Alaska had the greatest year-t0-year complaint volume increase from September to November 2016; and
- The most complained about companies nationwide were Equifax, Experian, and TransUnion.
Arizona Area Complaints
As of December 1, 2016, consumers in Arizona have submitted 23,300 of the 1,058,100 complaints received by the CFPB. Those complaints reveal the following:
- Arizona consumers submitted the most complaints about debt collection issues;
- Arizona consumer complained about mortgages at a rate similar to the national average of mortgage-related complaints; and
- The most complained about companies by Arizona consumers between October 2015 to September 2016 were Equifax, Experian, and Wells Fargo.