The 10 Financial Products and Services with the Most Consumer Complaints

Woman receives a bank/credit card statement. Looks suprised.
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Which financial product or service do people complain about the most? Is it credit cards? Auto loans? Mortgages? Student loans? Debt collection? The answer lies with the Consumer Financial Protection Bureau (CFPB).  

Each month, more than 25,000 people contact the CFPB for help regarding financial products or services. Because the CFPB is a federal agency charged with “protecting consumers in the financial marketplace,” it has received over 1,242,800 complaints (as of mid-2017) regarding a variety of financial products and services.

Thanks to the CFPB and its detailed reporting, you can see the 10 financial products and services that frustrate everyday consumers the most.

#1 Financial product or service with the most complaints: debt collection

Total complaints for debt collection

  • 2016: 87,927
  • 2015: 85,058
  • 2014: 88,277

#2 Financial product or service with the most complaints: credit reporting

Total complaints for credit reporting

  • 2016: 53,923
  • 2015: 54,918
  • 2014: 44,663

#3 Financial product or service with the most complaints: mortgages

Total complaints for mortgages

  • 2016: 51,132
  • 2015: 50,728
  • 2014: 51,105

#4 Financial product or service with the most complaints: bank accounts or services

Total complaints for bank accounts or services

  • 2016: 28,382
  • 2015: 22,370
  • 2014: 21,226

#5 Financial product or service with the most complaints: credit cards

Total complaints for credit cards

  • 2016: 26,583
  • 2015: 22,176
  • 2014: 18,552

#6 Financial product or service with the most complaints: consumer loans

Total complaints for consumer loans

  • 2016: 16,364
  • 2015: 13,507
  • 2014: 9,570

#7 Financial product or service with the most complaints: student loans

Total complaints for student loans

  • 2016: 12,329
  • 2015: 7,259
  • 2014: 6,781

#8 Financial product or service with the most complaints: payday loans

Total complaints for payday loans

  • 2016: 4,416
  • 2015: 5,510
  • 2014: 5,598

#9 Financial product or service with the most complaints: prepaid cards

Total complaints for prepaid cards

  • 2016: 2,500
  • 2015: 3,031
  • 2014: 823

#10 Financial product or service with the most complaints: money transfers

Total complaints for money transfers

  • 2016: 2,341
  • 2015: 2,351
  • 2014: 1,891

Have a problem with a financial product or service? You can always submit a complaint.

Image: pawel.gaul

The post The 10 Financial Products and Services with the Most Consumer Complaints appeared first on Credit.com.