As we close out Older Americans Month this year, we encourage you to read the Consumer Financial Protection Bureau’s (CFPB) latest blog post, which focuses on complaints submitted by older consumers. The May Monthly Complaint report, released today summarizes the complaints submitted by people who tell us that they are age 62 and older. It also highlights the issues with financial products and services that older consumers are more likely to experience than their younger counterparts. For example, older consumers submit more complaints about mortgages, credit cards, and bank accounts and services.
We’ve handled over 1 million complaints, helping consumers of all ages connect with financial companies to get direct responses about problems with mortgages, student loans, payday loans, debt collection, credit reports, and other financial products and services.
Here in the Office for Older Americans, we regularly monitor complaints submitted by older consumers. Every complaint we receive gives us insights into problems that people are experiencing in the marketplace and helps the CFPB to identify and prioritize problems for potential action. The result: better outcomes for consumers, and a better financial marketplace for everyone.
In addition, check out our consumer advisories and educational materials to assist older consumers as they navigate the financial marketplace. If you or someone you care for is having a problem with a financial consumer product or service, submit a complaint. We’ll forward it to the company and work to get you a response, generally within 15 days. Visit consumerfinance.gov/complaint to submit your complaint online or call toll free 855-411-CFPB.
Stacy Canan Assistant Director, Office for Older Americans Consumer Financial Protection Bureau