Consumer complaints about problems with financial companies such as banks, credit bureaus and debt collectors rose by more than 50 percent in 2020 and set new records for each month of the year, according to a new report from the MASSPIRG Education Fund. The report, Consumers In Peril, which analyzed complaints received by the Consumer Financial Protection Bureau (CFPB), was released Monday to kick off National Consumer Protection Week.
A review of the Consumer Financial Protection Bureau’s public complaint database finds that consumer complaints about financial grievances spiked during the pandemic year of 2020, eclipsing 2019, the previous record year.
Being a consumer is tough. We want to help make it a little easier. In recognition of Consumer Protection Week from Feb. 28-March 6, U.S. PIRG is providing key consumer protection advice. Check in here every day for our updated tips and tools.
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