Americans lodged record number of financial complaints last year
Complaints about financial services companies hit an all-time high last year as Americans wrestled with the economic fallout from the pandemic, according to a new report. Credit reporting bureaus bore the brunt of the criticism.
Consumers lodged 444,551 complaints about banks, credit bureaus, and debt collectors in 2020, over 50% more than the previous annual record of 277,366 set in 2019, according to the report by the U.S. Public Interest Research Group Education Fund (PIRG), a nonprofit consumer advocacy group, which analyzed complaint data from the Consumer Financial Protection Bureau (CFPB).
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