The CFPB on Thursday issued an updated complaint bulletin, analyzing the more than 8,000 complaints it received nationwide between January and May 2020 that mention coronavirus keywords.
The top complaints related to coronavirus listed in the bulletin are related to:
- credit cards—18%; and
- credit or consumer reporting—18%.
In 55% of mortgage complaints, consumers identified struggling to pay the mortgage as the issue, the bulletin stated. In 23% of credit card complaints, consumers identified a problem with purchase shown or statement as the issue, while in 55% of credit or consumer reporting complaints, consumers identified incorrect information on their credit report as the issue.
Comparing the weekly average complaint volume before and after the coronavirus pandemic declaration, prepaid card complaints saw the greatest percent increase at 105% and student loan complaints saw the greatest percent decrease at 24%, the bulletin stated.
Since 2011, the CFPB has handled more than 2.2 million consumer complaints, with more than 5,000 financial companies providing “timely responses” to 97% of the nearly 1.6 million complaints sent to them for response, according to the bulletin.
The public can view complaints in the CFPB’s consumer complaint database at the state-level, and filter and sort complaints, in addition to searching published complaint narratives for key words of interest.
New York-specific statistics included in the database indicate that between July 2017 and July 2020, consumers in the state filed nearly 58,000 complaints, with credit reporting, credit repair services or other personal consumer reports topping the list of complaints.
The consumer complaint database can be accessed by clicking here.