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The Top 10 most complained about companies
Credit-reporting agencies Equifax and Experian, as well as Bank of America received the most gripes from consumers from February through April of this year, according to a new monthly report by the Consumer Financial Protection Bureau. Complaints about Equifax rose the most: 8 percent in that period, compared with the same period last year, the CFPB said.
Consumers were most perturbed about debt-collection issues; more than 7,400, or 32 percent, of the 23,400 complaints handled by the CFPB related to that financial service. The biggest debt-collection complaint was about continued attempts to collect debt not owed, according to the report. Consumers also complained about the communications tactics used by debt collectors, such as calling too frequently or at inconvenient times of the day and about making calls to third parties or to the consumer’s place of employment.
Does complaining to companies make a difference? Read “How to Rattle a Company’s Cage”
Next in line were mortgages, with more than 4,700 gripes; and credit reporting, with more than 4,300 complaints.
Consumer loan complaints rose the most compared the same period last year, nearly doubling from 660 to 1,100 on average per month.
This was the first such monthly complaint report published by the CFPB. The consumer protection body, which regulates consumer lending, has published annual complaint reports since its inception four years ago. The new, monthly reports “will enable us to share that data with the public more regularly, so that everyone can benefit from the information,” said Richard Cordray, the bureau’s director.
Recently the CFPB began publishing consumer narratives, which allow consumers to report details about their problems with specific consumer financial service companies. Consumers now can search the CFPB’s database to read what others are saying about a particular company or service.
—Tobie Stanger (@TobieStanger on Twitter)
Consumer Reports has no relationship with any advertisers on this website. Copyright © 2006-2015 Consumers Union of U.S.
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