St Casimirs Mortgage Minute

CFPB Complaints From Military Community Up 13 Percent

The Consumer Financial Protection Bureau's (CFPB) fourth annual report on military service members indicates there were 19,200 complaints from members of the military last year, up 13 percent from 2014. Of the total number of complaints by service members, 46 percent involved debt collection, with 44 percent of those complaints involving debts they believed they did not owe and 17 percent involving the ways debt collectors tried to contact them, such as by contacting a commanding officer. About 2,200 complaints involved credit reporting, with 72 percent of those complaints involving claims of incorrect information on credit reports. Mortgages also were among the most complained about issues, with common complaints involving the inability to make payments, including problems with loan modifications, collections, and foreclosures. "The mission of the CFPB's Office of Servicemember Affairs is to work on consumer financial challenges affecting military personnel, veterans, and their families. Those who serve, or have served, our country should not have to worry about falling victim to unfair, deceptive, or abusive financial practices," said Hollister Petraeus, the report's author.

From "CFPB Complaints From Military Community Up 13 Percent"
HousingWire (03/28/16) Ramírez, Kelsey