The CFPB releases a Monthly Complaint Report which provides high level insight on consumer complaint trends for 11 products including consumer loans. According to Compliance Week, of the over 1 million public complaints the top 100,00 are about debt collector’s harassing and deceptive tactics.
The auto finance industry should be paying attention here because among the top ten most complained about products are installment loans, vehicle leases, and vehicle loans. The question is why do the numbers keep rising?
It could be that more and more people are aware of the CFPB and the power it wields to get things done. Or it could be an increase of people applying for and receiving these loans as the economy has grown.
Either way, as long as there are consumer loans and the CFPB is still around as an outlet for complaints, lenders and debt collectors will need to change their practices to stem the flow.
If you want the latest data on consumer complaints, check out: https://www.consumerfinance.gov/data-research/consumer-complaints/. By the way, the report names the top offending companies in debt collections – a list you do not want to be on.