Consumer complaints regarding credit reports and student loans dramatically increased in 2022. Meanwhile, gripes about mortgages and debt collection declined. (Includes two data charts.)
Although they represent a small share of total complaints, student loan gripes increased by almost 50% in the third quarter. Mortgage-related complaints, on the other hand, continued to decline. (Includes two data charts.)
After three quarters of steady declines, the number of mortgage-related complaints received by the CFPB rose again in the first quarter of 2022. Mr. Cooper Group was the most frequent target of customer ire. (Includestwo data charts.)
The denial rate on applications for refinances increased in 2021, while the purchase-mortgage denial rate declined. For both categories, inadequate debt-to-income ratios were the main reason for denials. (Includes two data charts.)
Consumer complaints filed with the CFPB topped 500,000 in 2021, hitting a record high. Most of the complaints were against the three national credit reporting agencies. (Includes two data charts.)
Mortgage-related gripes to the CFPB declined by 14% in the third quarter. Loan mods showed the weakest improvement, with complaints down 5%. (Includes two data charts.)
Consumers self-identifying as older Americans filed 1,987 gripes related to mortgages in the first half of 2021, a sharp increase from the same period last year. Conventional mortgages made up most of the complaints.
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