Consumer complaints about prepaid products decreased 3 percent during the three-month span from January through March 2017, compared with the same period a year earlier, according to the CFPB’s latest monthly consumer complaint report.
The bureau received a monthly average of 219 prepaid-related complaints during the first quarter of this year, down from 225 during the first three months of 2016. Complaints about prepaid products in March numbered 206—an 8 percent drop from February and slightly below the average of 212 prepaid complaints per month since the CFPB began tracking consumer complaints about prepaid products in July 2014.
Since that time, the consumer watchdog has received a total of 7,256 complaints about prepaid products—a mere sliver of the more than 1.1 million total complaints about all products received by the agency. The 206 prepaid complaints in March comprise less than 1 percent of the 27,980 total consumer complaints the CFPB received during the month. At the opposite end of the spectrum, debt collection was the most commonly complained-about product during the month, with 8,711 complaints, followed by credit reporting at 5,498. Credit cards ranked third, with 2,552 consumer complaints in March.
The CFPB’s March consumer complaint snapshot focused on student loan complaints. The agency has received about 44,400 student loan-related complaints since July 2011, representing 4 percent of total complaints since that time. Consumers’ most common issues about student loans were dealing with lenders or servicers, which comprised 64 percent of student loan complaints, followed by repayment difficulties, at 33 percent. The remaining 3 percent of student loan complaints were about consumers’ inability to receive a loan.
- Credit Card Complaints Increase in CFPB’s Latest Snapshot Report
- Prepaid Complaints Remain Low in Latest CFPB Monthly Snapshot
- Time Running Out for CRA Rollback of Final Prepaid Rule