CFPB names states with most mortgage complaints
The Consumer Financial Protection Bureau continues to flesh out its Consumer Complaint Database – a tool used to track not only mortgage complaints, but consumer feedback on every financial product from credit cards to mortgages, student loans and bank accounts.
The CFPB database now features state-by-state information, creating a meatier platform that gives researchers an opportunity to localize their mortgage complaint data.
With it, the database can draw more definitive conclusions, such as which states have the most mortgage complaints per capita?
It turns out the states with the most mortgage complaints on a per capita basis include New Hampshire, Maryland, the District of Columbia, Georgia and Florida.
Richard Cordray, CFPB Director, said the expanded database also adds in credit reporting and money transfer complaints.
"This data puts valuable information in the hands of consumers to help them understand what is happening in their states," said Cordray. "And by adding credit reporting and money transfer complaints to the Consumer Complaint Database, we are making these important markets more transparent and accountable to all consumers."
The database today contains 113,000 complaints and updates nightly, allowing the public to see what is frustrating consumers when it comes to financial services providers.
Complaints are listed after the company responds to the issue or after the agency has had the complaint for 15 days or more — whichever comes first.
The addition of credit reporting data expands the database by another 6,000 complaints.