WASHINGTON (4/2/14)--The volume of consumer complaints received by the Consumer Financial Protection Bureau was nearly double in 2013 compared to 2012, totaling 163,700 at the end of last year.
"Consumer complaints have become central to the work of this agency. These complaints allow the CFPB to listen to, and amplify, the concerns of any American who wants to be heard," agency director Richard Cordray said.
"They are also our compass. They make a difference by informing our work and helping us identify and prioritize problems for potential action," he added.
The bureau receives complaints about mortgages, bank accounts and services, private student loans, vehicle and other consumer loans, credit reporting, money transfers, debt collection, and payday loans.
Mortgage complaints made up the majority of 2013's tally, with 60,000 consumers contacting the agency. Not surprisingly,
the CFPB said consumers were most concerned with issues related to loan modifications, collections or foreclosures.
The CFPB also received a heavy volume of debt collection and credit reporting complaints: They accounted for 19% and 15% of 2013 complaint volume, respectively.
Complaints filed with the CFPB have helped consumers by forcing financial firms to offer mortgage foreclosure alternatives, restore lines of credit and address unanswered inquiries or fix incorrect information, the bureau maintains. The complaints have also caused debt collectors to stop engaging in excessive collection communications, and resulted in cleaned-up credit reports, according to the CFPB.
Around 7% of consumers who have filed complaints have received financial compensation as a result of their complaints.
For more on the CFPB complaints, use the resource link.