A Majority Of Complaints Sent To The CFPB Reported Credit Card Issues

mortgage repair

Photo: By TheTruthAbout on flickr

When the Consumer Financial Protection Bureau began accepting mortgage and credit card complaints last year, consumers were quick to respond.

According to the CFPB’s semi-annual report, between July 21 and December 31, more than 13,000 consumers contacted the bureau to vent about issues with lenders they’ve encountered. 

Credit cards have been the largest source of complaints so far, with 9,307 reported to the agency.

An interim report released in December identified billing disputes as the biggest issue. The CFPB’s latest report states 13 per cent of complaints (1,278) were about billing disputes; meanwhile, identity theft and high interest rates were the second and third biggest areas of concern.

Of the 2,326 who dished about their mortgage problems, 38.2 per cent said the issues stemmed from problems making payments, loan modifications and foreclosures, for example.

Photo: The Consumer Financial Protection Bureau

Photo: The Consumer Financial Protection Bureau

In response, the bureau introduced a new pilot program last month that would tap consumers for tips on how to simplify mortgage closing disclosure forms and make the terms easier to understand. 

Though the CFPB has made efforts to address the issues, the companies on the other side have not been as quick to respond. 

The bureau sent 75 per cent of all complaints to companies. Credit card companies responded better. While 64 per cent of the credit card complaints received a partial or full resolution, conversely, nearly half of the mortgage complaints stayed unresolved.

Read the 9 steps one writer took to get her finances back on track >

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