Equifax, Experian and Bank of America Top Most-Complained-About List

Issues with debt collectors, mortgage servicers and credit reporting agencies made up the top three categories in the U.S. Consumer Financial Protection Bureau’s first monthly report on complaint volume.
Consumer loan complaints showed the greatest percentage increase from the same time last year, nearly doubling from about 660 complaints to 1,020 complaints on average per month.

The top three companies that received the most complaints in submissions to the CFPB for February through April 2015 were Equifax and Experian (both credit reporting agencies), and Bank of America. Rounding out the top five were TransUnion (the other major credit reporting agency) and Wells Fargo. (See chart below.)
Equifax saw the biggest jump in complaints over the same period last year, up 8 percent. Mortgage servicer Ocwen experienced the greatest decrease in average monthly complaint volume, down 29 percent from the same period last year.
The CFPB has launched the first in a new regular series of monthly reports that establish key trends in consumer complaints sumbited to the U.S. agency.
The monthly report includes complaint data on company performance, complaint volume, state and local information, and product trends.
“Consumer complaints are the CFPB’s compass and play a central role in everything we do. They help us identify and prioritize problems for potential action,” said CFPB Director Richard Cordray. “These monthly reports will enable us to share that data with the public more regularly, so that everyone can benefit from the information.”
For the 22nd consecutive month, the CFPB handled more complaints about debt collection than any other type of complaint. Debt collection complaints represented about 32 percent of complaints submitted in June 2015.
Debt collection, mortgage and credit reporting complaints continue to round out the top three most-complained-about consumer financial products and services, though credit reporting complaints declined by 3 percent month-over-month since May 2015.
Consumer loan complaints showed the greatest percentage increase from April-June 2014 (660 complaints) to April-June 2015 (1,020 complaints), representing about a 55 percent increase.
Bank account or services complaints showed the greatest percentage decrease from April-June 2014 (1,960 complaints) to April-June 2015 (1,800 complaints), representing about an 8 percent decline.
Each month, the report will spotlight a particular product and geographic location – this latest report provides a closer look at debt collection complaints and complaints from consumers in Milwaukee, Wis. The reports will provide insight for the public into the hundreds of thousands of consumer complaints on financial products and services handled by the CFPB.
Most complained about companies

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