The CFPB has issued its monthly complaint report. The report is a high level snapshot of trends in consumer complaints. The report traditionally provides a summary of the volume of complaints by product category, by company and by state. This month, however, the Report has taken a new view- one based upon a state by state analysis and new national statistics. Here are the major takeaways on the national front:
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The Report rather succinctly notes the following
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Complaint volume rose 7% between 2015 and 2016.
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Debt collection and mortgage product types account for approximately half of all complaints filed.
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Over half of all consumers submitting complaints want their narratives published.
