Top 20 Cfpb Complaint Deficiencies A new analysis by the consumer financial protection bureau (cfpb) reveals how changes in complaint responses provided by nationwide consumer reporting companies resulted in fewer meaningful responses and less consumer relief. in 2021, equifax, experian, and transunion together reported relief in response to less than 2% of covered complaints, down from nearly 25% of covered complaints in 2019. Complaint data. from october 2021 to september 2022, the cfpb received nearly one million credit or consumer reporting complaints.18 the cfpb sent more than 565,000 credit or consumer reporting complaints to companies for response.19 of these, the cfpb transmitted more than 488,000 to equifax, experian, or transunion.
Top 20 Cfpb Complaint Deficiencies 13, 2020. 7the cfpb has published several complaint bulletins analyzing these complaints. consumer complaints are integral to the cfpb’s work. by collecting, investigating, and responding to consumer complaints, the cfpb hears directly from consumers and can better understand the types of challenges they are experiencing in the marketplace. The cfpb complaint database shows, that consumers filing cfpb mortgage complaints are only awarded monetary relief by "the company" 2.6% of the time; and “the company” closes 91% of all mortgage complaints with generic, meaningless, and non specific explanations. iv. Today’s report is based on the 488,000 consumer complaints the cfpb transmitted to equifax, experian, and transunion from october 2021 through september 2022. the findings follow last year’s report that detailed failures by the nationwide companies when responding to consumer complaints submitted to the cfpb. The cfpb indicated that companies overwhelmingly met the timeliness expectations for responding to complaints, with about 99.6% of complaints being met with a timely response. generally, companies responded with relief or with an explanation to consumers about issues the consumer may have misunderstood regarding their financial product or service.
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