According to the Consumer Financial Protection Bureau’s monthly complaint snapshot released this week, the CFPB has handled approximately 1,008,500 complaints across all products as of Oct. 1.
Bureau officials indicated debt collection remained the most-complained-about financial product or service. Of the approximately 26,000 complaints handled in September, there were 7,352 complaints about debt collection.
The second most-complained-about consumer product was credit reporting, which accounted for 4,715 complaints. The third most-complained-about financial product or service was mortgages, accounting for 4,501 complaints.
In a year-to-year comparison examining the three-month time period of July to September, student loan complaints showed the greatest increase — 96 percent — of any product or service. The bureau received 1,248 student loan complaints between July and September, while it received 638 complaints during the same time period in 2015.
Officials determined New Mexico, Colorado and Wyoming experienced the greatest year-to-year complaint volume increases from the July-to-September period versus the same time period 12 months earlier. New Mexico was up 28 percent, and Colorado and Wyoming up 24 percent.
The CFPB also mentioned the top three companies that received the most complaints from July through September were credit reporting companies Equifax, Experian and TransUnion.
The CFPB also drilled down and offered more data about activity from consumers in North Carolina.
The bureau reported consumers from the Tar Heel State have submitted 27,600 of the 1,008,500 complaints the CFPB has handled as of Oct. 1, with 8,000 of them coming from the Charlotte metro area.
Complaints related to debt collection accounted for 25 percent of all complaints submitted by consumers from North Carolina and 26 percent of complaints from Charlotte. This is slightly lower than the rate at which consumers nationally submit debt collection complaints to the CFPB — 27 percent.
Complaints related to mortgages accounted for 26 percent of all complaints submitted by consumers from North Carolina and 27 percent of complaints from Charlotte. This is slightly higher than the rate at which consumers nationally submit mortgage complaints to the CFPB — 25 percent.
In the August 2015 to July 2016 time period, the three most-complained-about companies by consumers from North Carolina were Equifax, Wells Fargo and Bank of America.