{"id":37788,"date":"2023-03-10T11:23:50","date_gmt":"2023-03-10T16:23:50","guid":{"rendered":"https:\/\/d56fg8tfg.fitnews.club\/finance\/cfpb-report-shows-complaints-rose-80-percent-in-2013\/"},"modified":"2023-03-10T11:23:50","modified_gmt":"2023-03-10T16:23:50","slug":"cfpb-report-shows-complaints-rose-80-percent-in-2013","status":"publish","type":"post","link":"https:\/\/d56fg8tfg.fitnews.club\/finance\/cfpb-report-shows-complaints-rose-80-percent-in-2013\/","title":{"rendered":"CFPB Report Shows Complaints Rose 80 Percent in 2013"},"content":{"rendered":"
Annual Consumer Response Report Highlights CFPB Help in Getting Problems Addressed<\/em><\/strong><\/p>\n WASHINGTON, D.C. \u2014<\/strong> The Consumer Financial Protection Bureau (CFPB) announced today that consumer complaint volume nearly doubled from 91,000 complaints received in 2012 to 163,700 complaints received in 2013. The CFPB\u2019s Consumer Response Annual Report also highlighted the many issues the CFPB is helping consumers address \u2013 from foreclosure alternatives to simply receiving better customer service. <\/p>\n \u201cConsumer complaints have become central to the work of this agency. They enable us to listen to, and amplify, the concerns of any American who wants to be heard,\u201d said CFPB Director Richard Cordray. \u201cThey are also our compass. They make a difference by informing our work and helping us identify and prioritize problems for potential action.\u201d<\/p>\n The 2013 Consumer Response Annual Report can be found at: https:\/\/www.consumerfinance.gov\/reports\/2013-consumer-response-annual-report\/<\/a><\/strong><\/p>\n The Dodd-Frank Wall Street Reform and Consumer Protection Act, which created the CFPB, established the handling of consumer complaints as an integral part of the CFPB\u2019s work. When the Bureau opened its doors on July 21, 2011, it began consumer response operations the same day, accepting consumer complaints about credit cards. Since then, the Bureau has expanded its complaint handling in 2012 to include complaints about mortgages, bank accounts and services, private student loans, vehicle and other consumer loans, and credit reporting. In 2013, it began taking complaints on money transfers, debt collection, and payday loans.<\/p>\n Today\u2019s report covers the 163,700 complaints received by the CFPB from Jan. 1, 2013 through Dec. 31, 2013. This is an 80 percent increase over the previous year\u2019s 91,000 complaints. To date, including this year, the CFPB has received more than 310,000 complaints overall. According to the report, the top three complaints in 2013 by consumers were:<\/p>\n The Bureau expects companies to respond to complaints within 15 days and to describe the steps they have taken or plan to take. The CFPB expects companies to close all but the most complicated complaints within 60 days. Companies have responded to more than 93 percent of the complaints sent to them for response, and consumers have disputed only 21 percent of those company responses. <\/p>\n Sometimes, companies respond through non-monetary relief. About 11 percent of complaints fall into this category; for credit reporting complaints, companies respond to about one out of three complaints this way. Through the CFPB\u2019s complaint process, consumers have received a range of non-monetary relief in response to their complaints, such as: <\/p>\n The Bureau has also seen monetary relief for consumers in about 7 percent of complaints. This includes:<\/p>\n Information about consumer complaints is available to the public through the CFPB\u2019s public Consumer Complaint Database. A complaint is listed in the database after the company responds to the complaint or after the company has had the complaint for 15 calendar days, whichever comes first. If a company demonstrates within 15 days that it has been wrongly identified, no data for that complaint is posted. The database is updated nightly and includes anonymized complaint information. The database enables the public to see what is being complained about and why; and it enables consumer groups to identify troublesome trends.<\/p>\n Complaints inform the Bureau\u2019s work and help to identify problems, which then feed into the Bureau\u2019s supervision and enforcement prioritization process.<\/p>\n The Bureau will continue to work toward expanding its complaint handling capabilities to include other products and services under its authority, such as prepaid cards. <\/p>\n To submit a complaint, consumers can:<\/p>\n Official news published at https:\/\/www.consumerfinance.gov\/about-us\/newsroom\/cfpb-report-shows-complaints-rose-80-percent-in-2013\/ <\/a> Annual Consumer Response Report Highlights CFPB Help in Getting Problems Addressed WASHINGTON, D.C. \u2014 The Consumer Financial Protection Bureau (CFPB) announced today that consumer complaint volume nearly doubled from 91,000 complaints received in 2012 to 163,700 complaints received in 2013. The CFPB\u2019s Consumer Response Annual Report also highlighted the many issues the CFPB is helping […]<\/p>\n","protected":false},"author":1,"featured_media":37789,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[373],"tags":[],"class_list":{"0":"post-37788","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-finance"},"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n
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Images courtesy of PixaBay<\/a><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"