Financial pain points for older consumers

 

Source: Joe Valenti, AARP

Ten years after its creation, the Consumer Financial Protection Bureau’s (CFPB) complaint database serves as a powerful tool for individuals to file complaints about a financial product or service, to see that their voices are heard, and in some cases to obtain relief.

Since 2018, the largest share of older adult complaints have concerned credit reporting, with about one-quarter of all complaints in this category. Older adults submit complaints to the CFPB about a wide range of financial products, with particularly frequent concerns about credit reporting, mortgages, credit cards, bank accounts, and debt collection.

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