Credit tops 2022 complaints for federal consumer finance agency
April 26, 2023
It’s helpful for consumers to take a look at complaints that are received by agencies and organization to know what to watch out for in their financial lives.
The Consumer Financial Protection Bureau monitors consumer complaints to determine risks in consumer financial markets and to prioritize agency action.
In 2022, the CFPB found:
- During 2022, the CFPB received about 1,287,000 consumer complaints and sent more than 820,000 complaints to about 3,200 companies for review and response.
- Complaints about credit or consumer reporting increased, accounting for more than 75 percent of all consumer complaints.
- Complaints about checking and savings accounts increased.
- Complaints about student loans made up a small percentage of complaints overall but increased significantly.
- Consumer complaints about money service fraud or scam also increased.
The most-complained-about consumer financial product and service categories in 2022 were credit or consumer reporting, debt collection, credit card, checking or savings account, and mortgage. These products make up about 95 percent of all complaints the CFPB received in 2022.
The number of complaints were:
|
Credit or consumer reporting |
978,000 |
76 percent |
|
Debt collection |
115,900 |
9 percent |
|
Credit card |
50,800 |
4 percent |
|
Checking or savings |
48,700 |
4 percent |
|
Mortgage |
29,100 |
2 percent |
|
Money transfer or service, virtual currency |
21,700 |
2 percent |
|
Vehicle loan or lease |
13,200 |
1 percent |
|
Student loan |
10,100 |
0.8 percent |
|
Personal loan |
7,200 |
0.6 percent |
|
Prepaid card |
6,200 |
0.5 percent |
|
Credit repair |
2,600 |
0.2 percent |
|
Payday loan |
1,800 |
0.1 percent |
|
Title loan |
800 |
0.1 percent |
So, be an alert, informed consumer to avoid heartache, stress, and the need to file a consumer complaint.
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