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Prepaid card complaints spike in 2015 CFPB consumer response report

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Prepaid card complaints spike in 2015 CFPB consumer response report

Complaints about prepaid cards climbed sharply year overyear, according to the Consumer Financial Protection Bureau's 2015 consumerresponse report.

The report stated that most customers had complaints about opening,closing and managing prepaid card accounts, or encountered problems withunauthorized transactions and other transaction issues. The agency receivedaround 3,000 cases in 2015, up from 800 in 2014.

Debt collection still comprised the biggest chunk ofcomplaints at 31%, followed by credit reporting at 20% and mortgages at 19%.However, there were roughly 85,200 debt collection complaints in 2015, fewerthan 2014's 88,300 complaints. There were approximately 55,000 credit reportingcomplaints in 2015, compared to 44,800 complaints for 2014, while mortgagecomplaints for 2015 dipped slightly to about 50,800 from 51,200 complaints for2014.

The CFPB began consumer response operations on July 21,2011, and accepts complaints on financial products and services includingmortgages, credit cards, auto loans, student loans, deposit accounts, debtcollection, credit reporting, payday loans and consumer loans. The bureau hashandled more than 834,400 consumer complaints as of March 2016, includingapproximately 271,600 complaints during 2015.