The Consumer Financial Protection Bureau today issued its third Snapshot of Complaints Received from Servicemembers, Veterans and their Families. The report details the data and trends from consumer complaints received by the CFPB from members of the military and their families since July 2011.
Points highlighted by the CFPB include:
- Debt collection complaints have continued to rise since the CFPB's previous report and now make up 39 percent of total complaints. These complaints comprise the largest category of complaints from the military community.
- Credit reporting remains a top category of concern. 72 percent of these complaints are about incorrect information on credit reports.
- Student loans are another concern. 49 percent of these complaints are about problems dealing with a lender or servicer. The CFPB notes seeing long-standing trends, such as servicemembers complaining about not being provided their Servicemembers Civil Relief Act rights.