World-Wide Reach - Strong Local Presence!

PRESS RELEASE: Consumer Financial Protection Bureau Snapshot Spotlights Credit Credit Reporting Complaints

FOR IMMEDIATE RELEASE:
February 28, 2017

CONTACT:
Office of Communications
Tel: (202) 435-7170

CONSUMER FINANCIAL PROTECTION BUREAU SNAPSHOT SPOTLIGHTS CREDIT REPORTING COMPLAINTS
Report Also Looks at Consumer Complaints from Louisiana
WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) released a monthly complaint snapshot highlighting consumer complaints about credit reporting. The snapshot shows that consumers continue to report struggling to resolve errors on their credit reports. This month’s report also highlights trends seen in complaints coming from Louisiana. As of Feb. 1, 2017, the Bureau had handled approximately 1,110,100 consumer complaints across all products nationally.

“Credit reports provide the means for consumers everywhere to take important steps in their financial lives,” said CFPB Director Richard Cordray. “The Bureau will continue to work to ensure that credit reports are accurate and when disputed issues arise on credit reports consumers are able to resolve them quickly and with little hassle.”

The Monthly Complaint Report can be found at: http://files.consumerfinance.gov/f/documents/201702_cfpb_Monthly-Complaint-Report.pdf

Category Spotlight: Credit Reporting
Credit reporting companies track the credit history and other information about consumers who are active in the financial marketplace. The credit reports produced by the reporting companies are used to judge a consumer’s eligibility to take out a mortgage, buy a car, and even get a job in some instances. As of Feb. 1, 2017, the Bureau had handled approximately 185,700 credit reporting complaints. Some of the findings in the snapshot include:

Consumers report problems disputing complaints on their credit reports: Complaints submitted to the Bureau indicate that consumers continue to experience difficulties when submitting disputes to credit reporting companies.
Consumers complain about inaccurate information on credit reports: Consumers submit a high number of complaints about inaccurate personal information on their reports. Frequently consumers state that incorrect or unrecognized names and addresses appear on their reports.
Consumers report confusion about credit scoring: Consumers continue to be confused over the variety of scores and scoring “factors” that accompany credit score information. Consumers frequently express confusion when they receive varying scores from different reporting agencies.
National Complaint Overview
As of Feb. 1, 2017, the CFPB has handled approximately 1,110,100 complaints nationally. Some of the findings from the statistics being published in this month’s snapshot report include:

Complaint volume: For January 2017, debt collection was the most-complained-about financial product or service. Of the approximately 29,000 complaints handled in January, there were 7,730 complaints about debt collection. The second most-complained-about consumer product was student loans, which accounted for 5,389 complaints. The third most-complained-about financial product or service was credit reporting, accounting for 4,620 complaints.
Product trends: In a year-to-year comparison examining the three-month time period of November to January, student loan complaints showed the greatest increase—388 percent—of any product or service. The Bureau received 497 student loan complaints between November 2015 and January 2016, while it received 2,425 complaints during the same time period a year later. This spike in complaints came around the time the CFPB took a major enforcement action against student loan servicer Navient. Additionally, in February 2016, the Bureau expanded the student loan intake form to include federal student loans.
State information: Georgia, South Dakota, and Mississippi experienced the greatest year-to-year complaint volume increases from November 2016 to January 2017 versus the same time period 12 months before; with Georgia up 59 percent, South Dakota up 43 percent, and Mississippi up 34 percent.
Most-complained-about companies: The top three companies that received the most complaints from September through November 2016 were Wells Fargo, Equifax, and TransUnion.
Geographic Spotlight: Louisiana
This month, the CFPB highlighted complaints from Louisiana and the New Orleans metro area. As of Feb. 1, 2017, consumers in Louisiana have submitted 12,400 of the 1,110,100 complaints the CFPB has handled. Of those complaints, 4,500 came from consumers in the New Orleans metro area. Findings from the Louisiana complaints include:

Rate of debt collection complaints higher than the national average: Complaints related to debt collection accounted for 34 percent of all complaints submitted by consumers from Louisiana. This is higher than the rate of 27 percent at which consumers nationally submit debt collection complaints to the Bureau.
Rate of credit reporting complaints at roughly the national average: Consumers in Louisiana submitted complaints about credit reporting at roughly the national average. Complaints related to credit reporting accounted for 19 percent of all complaints submitted by consumers from Louisiana, while credit reporting complaints account for 17 percent of complaints submitted to the Bureau nationally.
Most-complained-about companies: Equifax, TransUnion, and Experian were the most-complained-about companies from consumers in Louisiana.
The Dodd-Frank Wall Street Reform and Consumer Protection Act, which created the CFPB, established consumer complaint handling as an integral part of the CFPB’s work. The CFPB began accepting complaints as soon as it opened its doors in July 2011. It currently accepts complaints on many consumer financial products, including credit cards, mortgages, bank accounts and services, student loans, vehicle and other consumer loans, credit reporting, money transfers, debt collection, and payday loans.

In June 2012, the CFPB launched its Consumer Complaint Database, which is the nation’s largest public collection of consumer financial complaints. When consumers submit a complaint they have the option to share publicly their explanation of what happened. For more individual-level complaint data and to read consumers’ experiences, visit the Consumer Complaint Database at: www.consumerfinance.gov/complaintdatabase/.

Company-level complaint data in the report uses a three-month rolling average of complaints sent by the Bureau to companies for response. This data lags other complaint data in this report by two months to reflect the 60 days companies have to respond to complaints, confirming a commercial relationship with the consumer. Company-level information should be considered in the context of company size.

To submit a complaint, consumers can:

Go online at www.consumerfinance.gov/complaint/
Call the toll-free phone number at 1-855-411-CFPB (2372) or TTY/TDD phone number at 1-855-729-CFPB (2372)
Fax the CFPB at 1-855-237-2392
Mail a letter to: Consumer Financial Protection Bureau, P.O. Box 4503, Iowa City, Iowa 52244
Additionally, through “Ask CFPB,” consumers can get clear, unbiased answers to their questions at consumerfinance.gov/askcfpb or by calling 1-855-411-CFPB (2372).
###

The Consumer Financial Protection Bureau is a 21st century agency that helps consumer finance markets work by making rules more effective, by consistently and fairly enforcing those rules, and by empowering consumers to take more control over their economic lives. For more information, visit consumerfinance.gov.

Like & Follow Us on Social Media!

Subscribe!

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Join 3,936 other subscribers

What People are Saying!

 

“Hands down, the best!”

– George Farjeat of Farjeat Insurance

“Great value and return on investment”

– Ines Calderon of Adriana’s Insurance

“Tommy is the king of social media!”

– Rocky Patel of Rocky Patel Premium Cigars

“Best investment I’ve ever made”

– Dale Roley of Roley’s Tree Care

“…great job in increasing my exposure…”

– Mark Cantrell, Law Offices of Mark Cantrell

 

Free Business Listings!

Featured Listings

Upcoming Live Music

No shows booked at the moment.

Featured: Susie Garcia & Las Colibri

Featured: Viento Callejero with Marlene Beltran

SEO Management

RSS Alexa Blog

  • PPC Lead Generation Secrets for B2B Revealed (Hint: It’s About Buyer Intent)
    PPC lead generation can get complicated, and this is especially true in B2B marketing. This article reveals some core B2B PPC strategies and lead generation best practices we’ve crystallized over 10 years, thousands of campaigns, dozens of industries, and tens of millions in spend. You’ll walk away with the top PPC B2B lead generation secrets: […]
  • The Essential Keyword Optimization Cheat Sheet for Better SEO
    When you publish a new post or page, you should always use keyword optimization tactics that help search engines understand what the content is about and improve the page’s chances of ranking. To help you through this process, use this keyword optimization cheat sheet to make sure you never miss a step while optimizing your […]
  • How to Get SEO Clients With Data-Driven Outreach
    If you are an SEO agency or consultant prospecting for new clients, this post will take you through a step-by-step workflow for how to get SEO clients. As a bonus, we’ve included outreach email templates to help you close more deals using highly customized and compelling pitches. Your success in winning new SEO clients depends […]
  • Win More Clients and Accelerate Their Growth with Alexa’s Agency Plan
    When the success of your agency relies on a robust client portfolio, you need tools that help you understand your client’s industry, competitors, and audience quickly. Whether it’s pitching an SEO plan to new prospects, or developing a marketing strategy for an existing client, you should always feel confident answering the question, “How can your […]
  • 50 Best Practices for SEO That Will Ignite Growth
    Search engine optimization isn’t one single task or strategy you implement to boost your website to the top of search engine rankings. An effective optimization plan combines a variety of best practices for SEO that come together to help websites gain authority in SERPs. If you want to increase your website’s rankings, help more [...] […]

RSS Search Engine Watch

  • The 12 most important elements of a technical SEO audit
    There are a number of technical SEO elements you can check during your next SEO audit. From XML Sitemaps to duplicate content, being proactive about optimization on-page and off is a must, writes Marcela De Vivo
  • A review of the payday loans algorithm in 2018
    Daniel Tannenbaum looks at the history of the payday loans algorithm for SEO and what is required today from brands to be more successful.
  • Getting listed: how to generate more traffic and mentions
    If you think directories are dead, think again: there are plenty of new and old directories out there that can send you traffic and leads. Ann Smarty reviews the available opportunities for getting listed to generate more traffic and mentions.
  • Four ways to boost SEO in just 5 hours
    Good SEO practice is the difference between getting your site ranked as high up the search results and possible, and reducing the chance of a click through to your site. It can be frustrating to spend a great deal of time and effort on SEO and not see the results. Pius Boachie shares some tips […]
  • Ten SEO aspects for web designers to master
    Search engines are playing an increasingly important role in the future of the internet, and it’s important for web designers as well as SEOs to be able to keep up. Amanda DiSilvestro shares 10 aspects of SEO to master as a starting point.

RSS Search Engine Land

RSS Local Business Locator Blog

  • Jihad Watch: The Unthinkable from a California School
    This Article taken from: https://www.jihadwatch.org/2018/05/california-public-high-school-yearbook-has-lavish-two-page-islam-presentation-entitled-allah-akbar California: Public high school yearbook has lavish two-page Islam presentation entitled “ALLAH AKBAR” May 14, 2018 9:49 pm By Robert Spencer 91 Comments I can’t believe this!!! A high school in Rancho Cucamonga has a spread in their year book that says ALLAH AKBAR. Not one mention of Christianity in […]
  • Reggae Fusion’s Hottest New Independent Act: Jericho Spitz
    TRENDING Reggae Artists Not many artists get to spend almost their entire life performing on stage. Infinite passion and persistence is the key to longevity. Performing solo on stage at 5-years old, it was clear early on that Christopher Tolen would spend his life entertaining people. His dream of crowds watching him destroy microphones has […]
  • Real Estate in Southern California: Michelle Bujold
    Michelle Bujold – Realtor – Licensed Real Estate Agent in Phelan, California     Hi – Welcome to www.MichelleSellsIt.com – your full-service buy or sell a property real estate website in the High Desert area of Southern California! My name is Michelle Bujold and I am an experienced Realtor in the Inland Empire – San […]
  • Home Remodeler – General Contractor in Southern California
      General Contractor in the High Desert – Rancho Cucamonga – Ontario – Upland – Fontana – Riverside TMK Construction, has been remodeling and repairing homes since 1990. From stunning kitchen and bath remodels to custom room additions, TMK Construction, can make your remodeling dreams a reality. We pride ourselves on our professional approach and […]
  • BUREAU OF CONSUMER FINANCIAL PROTECTION FINALIZES AMENDMENT TO “KNOW BEFORE YOU OWE” MORTGAGE DISCLOSURE RULE
      BUREAU OF CONSUMER FINANCIAL PROTECTION FINALIZES AMENDMENT TO “KNOW BEFORE YOU OWE” MORTGAGE DISCLOSURE RULE   For immediate release: April 26, 2018 Media contact: Office of Communications Tel: (202) 435-7170   BUREAU OF CONSUMER FINANCIAL PROTECTION FINALIZES AMENDMENT TO “KNOW BEFORE YOU OWE” MORTGAGE DISCLOSURE RULE Update Will Provide More Clarity Regarding Closing Cost […]

RSS LBL Blogspot Feed

RSS Music Connection

  • Composers celebrated at 33rd Annual ASCAP Screen Music Awards May 25, 2018
    The American Society of Composer, Authors and Publishers (ASCAP) celebrated the composers of the past year’s most performed music in TV, film and video games on May 22, at the 33rd annual ASCAP Screen Music Awards at the Beverly Hilton in Los Angeles. Composer John Powell, who has scored more than 60 films—including the upcoming Solo: A Star […]
  • MC Seeks Live Reviewer May 25, 2018
    Music Connection magazine is on the lookout for a freelance Live Reviews writer to add to our team in Los Angeles. The ideal candidate is not only a skillful writer, but a passionate fan of live music, someone who’d love to go out to the city’s clubs to write about up-and-coming unsigned artists and bands. […]
  • Friday Freebie: Cascade Microphone - (5/25/18) May 25, 2018
    Win a Cascade Microphone in This Week's Friday Freebie!! For this week's Music Connection Friday Freebie, we’re giving away a Cascade X-15 stereo ribbon microphone. The X-15 houses two separate matched ribbon motors that are positioned one above the other. The elements are offset 90 degrees and are configured in the Blumlein setup. Stereo separation is superb […]
  • Kamaal Williams: Producing the Return May 25, 2018
    With Kamaal Williams' debut album The Return, the bandleader, AKA Henry Wu, decided to try to adopt a comfortable and free-flowing approach to their sound. "The album was recorded on a Clarett 8Pre in my mum's front room," says Williams. "Not only is it special that it was just one unit that we recorded it […]
  • Songwriter Profile: Cathy & Marcy - Recasting a Legacy of Science and Song May 25, 2018
    Over the span of a three and a half decade career, Cathy Fink and Marcy Marxer––the Grammy-winning duo known as Cathy & Marcy––have delighted audiences with their inspired family and children’s music. For their latest endeavor, the imaginative pair presents Zoom a Little Zoom! A Ride Through Science, 10 songs from Ballads for the Age […]

RSS Political News

How to Create Backlinks: A Definitive Guide

Please wait...

Subscribe to our newsletter

Want to be notified when our article is published? Enter your email address and name below to be the first to know.
%d bloggers like this: