Wednesday, Jun. 07, 2017, 11:02 AM UPDATED 11:43 AMBy AuSM Staff
WASHINGTON, D.C. -
The latest monthly complaint report shared by the Consumer Financial Protection Bureau highlighted complaints submitted by older consumers, but problems with auto financing and related products weren’t specifically mentioned.
Of the 1,163,200 complaints the bureau has handled since it began accepting complaints in July 2011, officials indicated 54 percent of consumers have voluntarily reported their age. Of those, more than 103,000 complaints have come from consumers who report that they are 62 years old or older.
The following is a breakdown of those complaints along category and state lines:
—Complaint volume: For March 2017, debt collection was the most-complained-about financial product or service by consumers identifying as over the age of 62. Of the 2,169 older consumer complaints handled in March, there were 496 complaints about debt collection. The second most-complained-about consumer product was mortgages, which accounted for 486 complaints. Credit reporting was the third most-complained-about financial product or service, accounting for 326 complaints.
—Product trends: Complaints related to mortgages have accounted for 26 percent of all older consumer complaints submitted to the bureau since 2011. This is 10 percentage points higher than the proportion of mortgage complaints from consumers under 62.
—State information: California, Florida and Texas are the three states with the most complaints from older consumers, accounting for nearly one fourth of all complaints from older consumers since the bureau began accepting complaints in July 2011.
“Older consumers who may be on a fixed income are at a greater risk for financial trouble if they encounter problems with financial products or services,” CFPB director Richard Cordray said. “The complaints submitted by older consumers are important for the bureau to ensure we are properly looking out for this segment of the population.”