CFPB releases 2023 Consumer Response Annual Report

In 2011, the CFPB began hearing directly from consumers about the challenges they face in the marketplace, bringing their concerns to the attention of financial institutions and assisting in addressing their complaints. Last year, CFPB sent more than 1.3 million complaints to more than 3,400 companies for review and response. The 2023 Consumer Response Annual Report found a continued increase in credit or consumer reporting complaints, with more than one million of these complaints being sent to the three nationwide consumer reporting companies: Equifax, Experian, and TransUnion.

Consumers also raised issues about fraudulent activity in nearly every product category, including credit or consumer reporting, debt collection, checking or savings accounts, and credit cards. To read the full report, please click here.