The CFPB Friday released its 2023 consumer response report. The report details the bureau’s handling of over 1.6 million consumer complaints. According to the CFPB, it routed 81% of those complaints to companies for review and response with 6% going to other regulatory agencies.
Additionally, the bureau noted an uptick in complaints about credit or consumer reporting agencies, including Equifax, Experian, and TransUnion – which accounted for 1 million of the 1.1 million complaints regarding credit and consumer reporting. The second most common complaint type with the bureau was debt collection. The CFPB sent over 70,000 debt collection related complaints to companies, with most consumers requesting debt validation.
Federal student loan repayment began for the first time in three years, leading to additional complaints.
“After entering repayment, borrowers reported persistent difficulties in accessing customer service, delays in refunds for payments made during the coronavirus (COVID-19) payment pause, processing delays when attempting to access different repayment programs, and problems with qualifying payment counts for forgiveness programs, among other issues,” added the CFPB.
The CFPB also highlighted the prevalence of complaints stemming from fraud, particularly related to peer-to-peer payment platforms. America’s Credit Unions has argued that financial institutions unnecessarily bear the cost of peer-to-peer payment platform fraud and has advocated for regulators to take action that equitably distributes the burden of the fraud.
The bureau noted it will “continue monitoring complaints, and how companies respond, to meet its statutory obligations and to ensure that consumers remain at the center of its policymaking efforts.”
