Customer Financial Protection Bureau Monthly Complaint Snapshot Auto Along With Other Consumer Loan Complaints

Report Also Contains In-Depth Glance At Customer Complaints from Arkansas

WASHINGTON, D.C. – Today, the customer Financial Protection Bureau (CFPB) circulated a month-to-month issue snapshot showcasing complaints about customer loans including automobile loans and leases, installment loans, name loans, and pawn loans. The report suggests that customers continue steadily to whine about problems handling their loans and dilemmas they encounter if they are not able to spend the loans off. This month’s report also highlights trends seen in complaints originating from Arkansas. At the time of 1, 2016, the Bureau has handled approximately 906,400 complaints across all products june.

“Consumers deserve become addressed fairly when you look at the monetary market,” said CFPB Director Richard Cordray.

“It is very important that finance institutions give customers valid information about the regards to their loan and supply appropriate guidance to help consumers handle the mortgage and fundamentally repay it.”

Category Spotlight: Customer Loans

The “consumer loan” category when you look at the CFPB’s customer issue database includes complaints about automobile loans and leases, installment loans, pawn loans, name loans, and private personal lines of credit. Because the CFPB started accepting customer complaints in July 2011, the Bureau has managed more or less 38,500 complaints within the consumer loan category. A number of the findings when you look at the snapshot include:

  • Greater part of customer loan complaints about automobile loans: associated with 38,500 complaints in this category presented to your Bureau, 52 % had been about automobile loans. ادامه مطلب …