In the agency’s latest update on most common complaints, the U.S. Consumer Financial Protect Bureau said that “credit or consumer reporting” was No. 1 with a 37 percent share.
The tally for March 2018 included in the update released Thursday found that debt collection was the second most-complained-about product. It accounted for 27 percent of complaints. The third most-complained-about product or service was mortgages, accounting for about 10 percent of complaints.
This update from the CFPB highlights the importance of keeping track of your credit reports and scores from the three major credit bureaus, Equifax, TransUnion and Experian.
The CFPB stated that: “Some common themes emerged in our analysis of these complaints. For example, some people reported that there were debts on their consumer credit reports but that they did not have prior written notice of the existence of the debt.”
Additionally, consumers sais they felt uncomfortable disclosing personal information to debt collectors who called “because they were not sure whether the person calling was a legitimate debt collector,” the agency said.
Since July 2011, the CFBP has received approximately 400,500 debt collection complaints, which is 27 percent of the total complaints received.