Consumer complaints filed with the CFPB hit a new record high in the second quarter as the coronavirus pandemic continued to impact consumers’ financial status, according to a new Inside the CFPB analysis. (Includes data chart.)
Mortgages continue to top the list of COVID-19-related complaints; tool to combat elder fraud launched; state regulators form a pandemic steering group; California Assembly Bill 2501 fails to pass.
Even though the CARES Act grants relief from adverse credit reporting, some borrowers in forbearance plans have complained of a drop in their credit scores.
Mortgage-related gripes increased in the first quarter, reflecting the impact of COVID-19, according to a new analysis by Inside the CFPB. (Includes two data charts.)
Consumer complaints filed with the CFPB reached a record high in the first quarter of 2020 driven by a surge in credit reporting complaints, according to a new analysis by Inside the CFPB. (Includes data chart.)
Overall consumer complaints filed with the CFPB increased in 2019, driven by a double-digit jump in gripes regarding credit reporting. However, mortgage-related criticisms continued to decline.
The CFPB provides guidance for consumers to protect finances; Democratic senators introduce legislation to prohibit negative credit reporting; federal regulators encourage responsible small-dollar lending.
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