Here are the top complaints under each category from the CFPB’s October 2024 report:

• Credit or Consumer Reporting:
  • Incorrect Information on Credit Reports: Many consumers reported inaccuracies in their credit reports.
  • Improper Use of Credit Reports: Issues with how credit reports were used by companies.
  • Problems with Credit Reporting Agency Investigations: Complaints about inadequate investigations into disputes.
• Debt Collection:
  • Attempts to Collect Debt Not Owed: Consumers frequently complained about being contacted for debts they did not owe.
  • Communication Tactics: Issues with the methods and frequency of contact by debt collectors.
  • False Statements or Representation: Complaints about misleading information provided by debt collectors.
• Credit Card or Prepaid Card:
  • Billing Disputes: Disagreements over charges on credit card statements.
  • Interest Rates and Fees: Concerns about high interest rates and unexpected fees.
  • Fraud and Identity Theft: Issues related to unauthorized transactions and identity theft.
• Checking or Savings Accounts:
  • Account Management: Problems with accessing and managing accounts.
  • Fees: Complaints about overdraft fees and other charges.
  • Unauthorized Transactions: Issues with unauthorized withdrawals or transfers.
• Mortgage:
  • Loan Servicing: Complaints about how loans were managed, including payment processing.
  • Loan Modifications: Issues with the process of modifying loan terms.
  • Foreclosures: Concerns about the handling of foreclosures.
• Vehicle Loans or Leases:
  • Loan Terms: Complaints about the terms and conditions of vehicle loans.
  • Payments: Issues with payment processing and account management.
  • Repossession: Concerns about the repossession process.
• Student Loans:
  • Loan Servicing: Problems with how student loans were managed.
  • Repayment Plans: Issues with setting up and managing repayment plans.
  • Forgiveness Programs: Complaints about the handling of loan forgiveness applications.
• Personal Loans:
  • Loan Terms: Issues with the terms and conditions of personal loans.
  • Payments: Problems with payment processing and account management.
  • Collections: Concerns about debt collection practices for personal loans.

The report included complaints related to deceptive marketing practices. These complaints often involved credit cards, loans, debt collection, and remittance transfers.  Here are specific examples of the deceptive marketing complaints.

• Credit Cards:
  • Misleading Rewards Programs: Consumers reported being misled about the terms of rewards programs, such as how points could be earned and redeemed.
  • Hidden Fees: Complaints about undisclosed fees that were not clearly communicated at the time of signing up for the card.
• Loans:
  • False Interest Rate Promises: Borrowers were promised lower interest rates than what was actually provided, leading to higher costs over time.
  • Misleading Loan Terms: Issues where the terms and conditions of loans were not clearly explained, resulting in unexpected charges.
• Debt Collection:
  • Misrepresentation of Debt Amounts: Debt collectors provided incorrect information about the amount owed, often inflating the debt.
  • False Threats: Consumers were threatened with legal action or arrest for debts that were not valid.
• Remittance Transfers:
  • Inaccurate Cost Information: Consumers were misled about the fees and exchange rates for sending money abroad, resulting in higher costs than expected.
  • Delayed Transfers: Promises of quick transfers were not met, causing delays in funds reaching the intended recipients.

These examples highlight the types of deceptive practices that consumers have reported and emphasizing the need for continued monitoring to reduce or eliminate consumer complaints to the CFPB.