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CFPB: Debt collection, credit reporting among top consumer complaints

In 2016, consumers complained the most about issues related to debt collection, credit reporting and mortgages, according to the Consumer Financial Protection Bureau's 2016 consumer response report.

Complaints about the three consumer financial products and services comprised 67% of complaints submitted to the agency that year. Among the three, complaints on debt collection accounted for 30% of all complaints, with complaints on credit reporting and mortgages accounting for 19% and 18%, respectively. Complaints on prepaid, money transfer and other financial services accounted for the least number of reports, respectively comprising 0.9%, 0.8% and 0.7%.

The CFPB handled 291,400 consumer complaints in 2016, up 7% from the previous year.

The regulator's report added that financial companies generally provide timely responses, with 97% of complaints sent to companies seeing timely responses.