The Consumer Financial Protection Bureau (CFPB) recently issued its annual report analyzing the consumer complaints it received in 2024. The CFPB collects complaints through its website, phone calls, and mail. It also receives referrals from the White House, congressional offices, and other federal and state agencies. The CFPB then directs those complaints to the named companies, requesting a response within 15 days.
Below we summarize the complaint trends reported on by the CFPB, by subject matter.
- Credit or Consumer Reporting
The majority of 2024 consumer complaints concerned credit or consumer reporting. The total volume of these complaints increased from 2023—credit report complaints by 182% and consumer report complaints by 124%.
The most prevalent involved complaints of (i) inaccurate information appearing on a report, followed by (ii) complaints of improper usage of a report, (iii) concerns regarding company investigations, (iv) issues with “credit monitoring or identity theft protection services,” and (v) “problem[s] with fraud alerts or security freezes.”
Identity theft and fraud-related complaints in particular rose in 2024. Consumers expressed frustration that credit reporting agencies did not consistently remove disputed items despite the consumers providing them with police reports or Federal Trade Commission (FTC) identity theft reports.
- Debt Collection
Second to the volume of credit and consumer reporting complaints were those related to debt collection, which also increased from 2023.
45% of debt collection complaints involved consumers who “did not recognize” the debt. Consumers primarily complained that debt collectors were “attempt[ing] to collect debt not owed,” which has remained the most prevalent issue since 2013.
The complaint data also showed that consumers often maintained that fraudulent accounts created in their names resulted in the disputed debts. Consumers additionally criticized debt collectors for continuing to call to collect a debt despite cease and desist requests.
- Credit Card
The third highest volume of complaints in 2024 related to credit cards, which also increased from 2023 levels. Consumers more frequently communicated problems with general-purpose credit as opposed to store credit cards, and complaints for general purpose cards rose 67%. The most common issue described was (i) a “problem with a credit report or a credit score,” followed by (ii) purchases shown on consumer statements, (ii) obtaining a credit card, (iii) “other features, terms, or problems,” and (iv) “fees and interest” charged.
- Checking or savings account
Checking and savings account complaints ranked fourth in volume, and increased from 2023. 80% of those complaints related to checking accounts, far exceeding the number of complaints relating to other products.
Consumers complained of funds being removed from their deposit accounts “through unauthorized and fraudulent transactions,” being “denied access to funds in their deposit accounts due to frozen accounts” or account closures, poor customer service, and being charged overdraft fees, amongst other complaints.
Per the CFPB’s report, servicemembers provided the greatest number of complaints relating to low account funds.
- Mortgages
Mortgage complaints ranked sixth in volume, and experienced an overall decrease from the prior year’s volume. This decrease is likely due in part “by the slow housing market” caused by high interest rates.
The most common issue consumers complained of was (i) “trouble during [the] payment process,” followed by (ii) struggling to make mortgage payments, (iii) the application process, and (iv) the closing process. Consumers complained of frustrations in attempting to reach loan servicing representatives, and instances of receiving conflicting or inaccurate information. Some consumers reported struggles with payments after “servicing transfers” or “filing for bankruptcy,” “when exiting forbearance plans,” and “with automatic payments or payment amounts different than a single monthly payment.” Consumers also noted “lengthy” loan application processing times.
- Prepaid Card
The tenth highest volume of complaints related to prepaid cards. General purpose prepaid cards received more consumer complaints than government benefit cards, gift cards, payroll cards, and student prepaid cards.
The most common consumer issue reported was (i) “trouble using the card,” followed by (ii) a “problem with a purchase or transfer,” (ii) issues obtaining a card or closing an account, and (iv) “unexpected or other fees.” Consumers also reported customer services issues when attempting rectify their prepaid card problems.
- Debt or credit management
Complaints regarding debt or credit management ranked eleventh in volume, with consumers primarily complaining that they were not provided the “services promised.”
While debt or credit management complaints increased in 2024, complaints involving “didn’t provide services promised” decreased by 24%. Other issues consumers noted were receiving (i) “confusing or missing disclosures,” (ii) unsatisfactory customer service, (iii) unexpected fees, and (iv) “confusing or misleading advertising or marketing.”
- Payday loan
Payday loan complaints ranked twelfth in volume. Consumers most commonly complained that they were charged unexpected fees or interest. Consumers also complained of issues making loan payments, receiving loans for which they did not apply, and feeling that company loan practices were “predatory or violated state laws.”
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The CFPB also reported on complaints concerning money transfers, money services, and virtual currencies (fifth in volume); vehicle loans and leases (seventh in volume); student loans (eighth in volume); personal loans (ninth in volume); title loans (thirteenth in volume); and deposit advances (fourteenth in volume).
Consumer complaints – both internal from within a company and externally as reported on by agencies such as the CFPB – often provide a window into permeating issues that regulators may flag or take interest in. Complaint data offers a valuable opportunity for companies to look at their own practices and determine whether any issues can and should be proactively addressed.
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