Credit tops 2022 complaints for federal consumer finance agency

It’s helpful for consumers to take a look at complaints that are received by agencies and organization to know what to watch out for in their financial lives.

The Consumer Financial Protection Bureau monitors consumer complaints to determine risks in consumer financial markets and to prioritize agency action.

In 2022, the CFPB found:

During 2022, the CFPB received about 1,287,000 consumer complaints and sent more than 820,000 complaints to about 3,200 companies for review and response.

Complaints about credit or consumer reporting increased, accounting for more than 75 percent of all consumer complaints.

Complaints about checking and savings accounts increased.

Complaints about student loans made up a small percentage of complaints overall but increased significantly.

Consumer complaints about money service fraud or scam also increased.

The most-complained-about consumer financial product and service categories in 2022 were credit or consumer reporting, debt collection, credit card, checking or savings account, and mortgage. These products make up about 95 percent of all complaints the CFPB received in 2022.

The number of complaints were:

Credit or consumer reporting	978,000	76 percent
Debt collection	115,900	9 percent
Credit card	50,800	4 percent
Checking or savings	48,700	4 percent
Mortgage	29,100	2 percent
Money transfer or service, virtual currency	21,700	2 percent
Vehicle loan or lease	13,200	1 percent
Student loan	10,100	0.8 percent
Personal loan	7,200	0.6 percent
Prepaid card	6,200	0.5 percent
Credit repair	2,600	0.2 percent
Payday loan	1,800	0.1 percent
Title loan	800	0.1 percent

So, be an alert, informed consumer to avoid heartache, stress, and the need to file a consumer complaint.

Originally Published on https://boomersurvive-thriveguide.typepad.com/the_survive_and_thrive_bo/

Rita Robison Consumer & Personal Finance Journalist

For more than two decades, Rita R. Robison has been a consumer and personal finance journalist making her living by finding the best bargains, calling out the crooks, and advocating for regular people just like you and me. In that time, Robison has talked to so many people who feel like their money just isn’t getting them what they want, where they want to be, or the life they thought it would.

The purpose of her blog is to help you get what you want from your money. Robison covers financial goals, budgets, debt reduction, saving, smart choices for buying goods and services, and retirement planning. You’ll also find articles on safety, such as avoiding scams, looking out for rip off companies, and getting informed on the latest recalls.