With debt collection continuing to be one of the primary triggers, the Consumer Financial Protection Bureau’s latest update about its complaint database indicated the bureau has handled approximately 1,080,700 consumer complaints across all products as of Jan. 1.
For December, the CFPB reported that debt collection again was the most-complained-about financial product or service. Of the approximately 23,000 complaints handled in December, there were 7,196 complaints about debt collection.
The second most-complained-about consumer product was credit reporting, which accounted for 3,837 complaints. The third most-complained-about financial product or service was mortgages, accounting for 3,762 complaints.
Agency officials noticed Alaska, Georgia, and Louisiana experienced the greatest year-to-year complaint volume increases from October to December versus the same time period 12 months earlier. The data showed Alaska was up 57 percent, Georgia climbed 46 percent and Louisiana rose 32 percent.
The CFPB added the top three companies that received the most complaints from August through October of last year were Equifax, Wells Fargo, and TransUnion.
The bureau’s latest update also highlighted complaints from Tennessee. As of Jan. 1, the CFPB tabulated that consumers in Tennessee submitted 17,800 of the 1,080,700 complaints the bureau has handled.
Of those complaints, 4,700 and 5,800 have come from consumers in the Memphis and Nashville metro areas respectively.
Consumers in Tennessee most often submitted complaints about debt collection. Officials found that debt collection complaints accounted for 34 percent of the complaints submitted to the bureau by consumers from Tennessee, while nationally debt collection complaints account for 27 percent of complaints.
Equifax, Experian and TransUnion were the most-complained-about companies for consumers in Tennessee.