Under the Consumer Financial Protection Act of 2010, the Consumer Financial Protection Bureau (CFPB) is tasked with monitoring and reporting on consumer complaints. The CFPB’s 2024 Consumer Response Annual Report provides a comprehensive analysis of the more than 2.8 million complaints submitted by consumers last year—complaints that were then routed to over 3,600 companies for review and response.
Consumers from all 50 states submitted complaints, with the highest per capita rates coming from Florida, Georgia, the District of Columbia, Delaware, and Nevada.
Credit and Consumer Reporting Dominate the Complaint Landscape
As in previous years, complaints about credit and consumer reporting remained the largest category, making up 85% of all complaints submitted. The majority of these were directed at the three major nationwide consumer reporting agencies: Equifax, Experian, and TransUnion.
Consumers frequently reported issues with:
- Incorrect or outdated information on their credit reports
- Misuse or mishandling of their personal credit data
In more than half of these cases, companies provided relief by updating consumers’ credit reports in response to the complaints.
Notable Increases in Consumer Complaints
The CFPB observed a significant uptick in several types of complaints compared to the previous two years:
- Credit reporting complaints jumped 182%
- Complaints about other personal consumer reports rose 124%
- Unrecognized debt complaints surged 333%
- Complaints about other debts climbed 54%
- Issues related to general purpose or charge cards increased 67%
- Complaints involving certificates of deposit (CDs) grew 81%
- Complaints regarding money orders, traveler’s checks, and cashier’s checks went up 56%
- Federal student loan complaints rose 43%, while private student loan complaints nearly doubled with a 98% increase
A Drop in Mortgage-Related Complaints
Amid rising rates and a cooling housing market, one area saw a decline: mortgage complaints. Complaints related to VA mortgages dropped 10%, and those about conventional mortgages fell 12%. This trend is likely tied to slower housing activity, as many prospective buyers wait for interest rates to come down and sellers hold onto existing low-rate mortgages.
A Tool for Consumer Protection and Corporate Accountability
The CFPB’s complaint process allows companies to provide timely, accurate, and thorough responses to their customers. More than just a resolution channel, consumer complaints also serve as a vital signal for companies—highlighting potential risks or gaps in service across departments, products, or vendors.
The CFPB encourages companies to use this feedback proactively to strengthen internal controls and improve the consumer experience.
📄 Access the full 2024 Consumer Response Annual Report here:
CFPB Annual Report 2025-05 (PDF)
Author: Jennifer Evancic
Jennifer.Evancic@ResourceManagement.com
Jennifer Evancic is a third-party auditor valued by creditors and large organizations for her knowledge in call monitoring within the collections industry. With meticulous attention to detail and a firm grasp of regulatory requirements, she ensures compliance with clients’ criteria and state and federal regulations.
Jennifer audits collections calls, ensuring they meet client-specific criteria and comply with regulations, providing valuable insights and maintaining industry standards.
Beyond her auditing responsibilities, Jennifer takes the lead in organizing and facilitating monthly call calibrations. These sessions serve as a collaborative forum where clients and their vendors come together to discuss call monitoring results and address any findings or areas for improvement. Jennifer’s guidance fosters open communication and ensures alignment between clients and vendors, driving continuous improvement in collections practices.
Jennifer stays up-to-date with compliance and industry best practices by participating regularly in peer meetings, regulatory updates and industry webinars. This keeps her informed about emerging issues and ensures she remains a knowledgeable leader in collections compliance.
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