Consumer complaints to the CFPB are skyrocketing as the coronavirus outbreak continues – By Andrew Keshner (Marketwatch) / July 19 2020
‘The database is like a canary in the coal mine’
Americans filed a record-breaking number of complaints to the Consumer Financial Protection Bureau in March as the coronavirus pandemic started flooding hospitals and sending unemployment rates soaring.
Every month since, consumer complaint numbers have been breaking record highs set the previous month, according to a Friday report from the consumer advocacy group U.S. PIRG and the Frontier Group, a left-leaning think tank.
The CFPB received 29,494 complaints in March about various sorts of alleged consumer mistreatment — that number climbed to 37,926 by June.
In one complaint last month, a homeowner talked about entering a mortgage forbearance agreement with their loan servicer because of the outbreak. “Now, they are requesting a balloon payment, which I am unable to make. I’ve been in my home for 16 years,” the person wrote in their complaint.
Continue to article: https://www.marketwatch.com/story/consumer-complaints-to-the-cfpb-are-skyrocketing-as-the-coronavirus-outbreak-continues-2020-07-17?mod=newsviewer_click
