Problems with debt collection and mortgages top the complaints that US consumers age 62 and older made to the Consumer Financial Protection Bureau (CFPB) in March, reports Paybefore (Banking Technology‘s sister publication).
Complaints about prepaid products remained low but did have a double-digital increase, according to the agency’s latest Monthly Complaint Report, which focused on older consumers. Total prepaid-related complaints across demographics were down in March to 208, from 223 in February.
The agency received 496 complaints about debt collection in March, up 9% from the previous month. Complaints about mortgages reached 486, up 0.4%.
Complaints about credit cards stood at 294 – a 0.3% increase – while money transfer complaints hit 28 – a 27% increase. Payday loan complaints were 23 – up 28% from the previous month – while prepaid complaints were 22 – a 10% increase.
In all, 60% of complaints to the CFPB from older consumers concerned debt collection, mortgages – that includes reverse mortgages – and credit reporting, the agency says. Those older consumers also tend to have problems with confusion over zero-interest credit card offers.
“Older consumers who may be on a fixed income are at a greater risk for financial trouble if they encounter problems with financial products or services,” says CFPB director Richard Cordray. “The complaints submitted by older consumers are important for the bureau to ensure we are properly looking out for this segment of the population.”
The agency says it has received more than 1.16 million complaints since it began accepting them in 2011, and that 54% of the people making complaints have volunteered their age.
[Copyright By Banking Tech]