Guidehouse has analyzed the Consumer Financial Protection Bureau (CFPB) consumer complaints database since 2014 and developed a multifaceted approach to identify, measure, and visualize key trends and changes. During the pandemic, the CFPB consumer complaint volume reached historic highs. In 2020, the bureau received more than 440,000 consumer complaints, a 60% increase compared to 2019.
We analyzed the complaint data from pre- and post-pandemic time periods, and identified the following insights into the volume changes and root causes.
Complaint Volume Time Trend Breakdown of 2020 Complaint
Breakdown of Credit Reporting Complaints
As a result, lenders and servicers should prepare to support borrowers in making this transition and to mitigate operational and compliance risks.
We often perform data analytics on complaints for our clients to identify trends, benchmark to competitors, and uncover root causes of complaints. Please email us to schedule an assessment and/or learn more about our capabilities.
Special thanks to contributing author Vivian Gao.