The CFPB issued its monthly report on consumer complaints this month, providing a high-level snapshot of the recent trends in consumer complaints. The Report provides a summary of the volume of complaints by product category and type, by company, and by state. This month’s report highlights credit reporting which was last featured May 2016. Following are the highlights of this month’s report:
Complaint Volume by Product
In a startling change from prior months, the three products yielding the highest complaint volume in January 2017 were debt collection, student loan, and credit reporting. January 2017 is the first month where mortgage complaints slipped out of the top three. Student loan complaints jumped 537% over December 2016 numbers with no explanation for the sudden spike in student loan complaints between December and January.