Recovery Decision Science has updated its CFPB Complaints Dashboard on its Public Tableau page.
If you are unfamiliar with the dashboard, it includes a company-by-company analysis of response times to complaints to the CFPB. Users can select a company from the pull-down menu. Then, using the dot-plot, you can compare that company to any of the more than 81,000 companies in the CFPB database in terms of timely response to complaints. As you work with the dot-plot, remember that blue is positive, meaning timely responses, and orange is negative.
Users can also do a deep dive on a company’s performance relative to a number of factors:
- Total number of complaints
- Complaints over time
- Percent of complaints that are responded to in a timely manner (i.e. within 30 days)
- Breakdown of product type (i.e. mortgage, debt collection)
- Source of complaint
- And if the consumer disputed the response
As of this date, 2.1 million complaints have been filed with the CFPB.
In June, 2021, 41,640 complaints were filed with the CFPB, which is consistent with complaint levels lodged in the previous four months. The record high for monthly complaints was recorded in December, 2020, at 48,358.
As you can see from the screenshot below, the level of consumer complaints climbed dramatically during 2020. In the years leading up to the pandemic, complaints averaged about 20,000 per month. Starting last summer, complaints started to hit the 40,000 mark per month.
Nearly 62 percent of consumer complaints to the CFPB are related to Credit Reporting, with about 14 percent of complaints made about Debt Collection.
It’s worth noting that over the course since the CFPB began accepting consumer complaints, 82.1 percent have been addressed on a timely basis. But the response rate has improved dramatically, standing at 99.5 percent as of June, 2021.
CLICK HERE to see an interactive version of the CFPB Complaints Dashboard on RDS’s Tableau Public page.
To learn more about Recovery Decision Science, contact:
Kacey Rask : Vice-President, Portfolio Servicing
Kacey.firstname.lastname@example.org / 513.489.8877, ext. 261