The Consumer Financial Protection Bureau's October 2015 Complaint Report Highlights Credit Cards and Chicago Consumers
The CFPB issues monthly complaint reports. These reports highlight the types of complaints that the Bureau receives and the number of complaints for each category. The October complaint report focuses on credit card-related complaints and also provides insight regarding consumer complaints throughout the metro area of Chicago.
Since the Bureau has been tracking consumer complaints, it has received 21,000 from the Chicago Metro area. Of those complaints, 27% have been related to mortgages. The second and third most complained about financial products? Debt collection and credit reporting. This is slightly odd because TransUnion, Equifax, and Experian were the area’s first, second, and fourth companies that were most complained about. JPMorgan Chase took the number three spot.
With regard to credit cards, the Bureau reports that it has handled nearly 80,000 complaints regarding credit cards nationwide. Among the most complained-of issues were confusion over the assessment of late fees, complications resolving inconsistencies on billing statements, and accounts being closed without consent from consumers. The most complained about companies? Capital On, Citibank, JPMorgan Chase, and GE Capital Retail were the subject of 60% of all complaints submitted to the Consumer Financial Protection Bureau between May 2015 and July 2015. During that two-month period, Citibank received more than 700 complaints—100 more than Capital One.
If you don’t want to read the entire report, the CFPB has a press release here.