Consumer Complaints to the CFPB Fell 20% in September
The Recovery Decision Science Business Intelligence team has updated its CFPB Complaints Dashboard
on its Public Tableau page. The data is current through the end of September, 2022.
The dashboard 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
Below is a screenshot of the updated Complaints Dashboard.
A few noteworthy points:
- Consumer complaints in September dropped to 55,378, nearly 20% lower than the August complaint load of 69,588.
- Current complaint levels are down 23% from the ALL-TIME high of 72,091 we saw in April of this year.
- The September complaint level has fallen to about the same level we saw in January of this year. But current complaints are still 119% higher than the pre-pandemic level of 25,198 in February, 2020.
- Consumers have filed 2,964,840 complaints since reporting began in 2011. Of those, 98.3% have been resolved in a timely manner.
Next, we look at complaints by product type, as outlined in the screenshot below.
Here’s what we learn:
- Complaints related to credit-reporting continue to grow, now representing over 74% of all complaints. This is an increase of 18.5% over 2021.
- The CFPB has identified “complaint response deficiencies of the Big Three Credit Bureaus” as the main culprit in the continued increases in credit reporting complaints. In a report published in January of this year, the CFPB said: “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.”
- We see a continued reduction in mortgage-related complaints, which are now at 3.2% for 2022 to date. Mortgage complaints have dropped by nearly half since 2020’s level of 5.6%.
To view the entire interactive CFPB complaints dashboard on RDS Tableau Public, CLICK HERE.
To learn more about Recovery Decision Science, contact:
Kacey Rask : Vice-President, Portfolio Servicing
/ 513.489.8877, ext. 261