Financial Pain Points for Older Consumers: A Look at the CFPB Complaint Database - AARP Spotlight
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A ARP PUBLIC POLICY INSTITUTE
SEPTEMBER 2021
Spotlight
Financial Pain Points for
Older Consumers: A Look at
the CFPB Complaint Database
Joe Valenti
AARP Public Policy Institute
In the 10 years since the federal Consumer Financial transfer, virtual currency, and money service
Protection Bureau (CFPB) opened its doors, it has businesses. While most complaints are closed with
received roughly three million complaints about an explanation by the company involved, between
financial products and services from consumers 15 percent and 22 percent of complaints made each
across the country. Filing these complaints is a way year by people self-identifying as older adults result
for people who have been treated unfairly—or who in some form of relief—whether monetary, such as
have not been able to get issues resolved with their fees refunded, or nonmonetary, such as removal of
bank, credit card or mortgage company, or other incorrect information.
financial firm about a problem—to ultimately get This Spotlight examines complaints filed with
answers and, in some cases, relief. the CFPB from individuals self-reporting as older
Yet while the complaint mechanism serves as a adults. In part, it presents general findings about
tool for the individual consumer, collectively these complaints filed since the establishment of the
complaints become a powerful tool for research complaint database. But, due to changes in data
and planning. Policy makers can use them to direct collection and reporting over time, it largely focuses
supervision and enforcement of financial firms and on the time period from January 1, 2018, through
to identify new policy challenges that need to be June 30, 2021. Notably, data from 2017 and earlier
addressed. Meanwhile, companies and watchdogs years are often not directly comparable with current
alike can use the public data to see whether high- complaint database statistics.2
level commitments are being kept. Each complaint to the CFPB includes the type of
Among complaints published by the CFPB since product involved in that complaint, the name of the
its inception, nearly 126,000 have come from company involved, and the specific issue the customer
consumers who self-identified as being age 62 or is experiencing. Products and issues are also broken
older—the CFPB’s statutory definition of older down into smaller categories of subproducts and
adults.1 The most frequent complaints received from subissues. In addition, since 2015, a consumer also
older adults included issues with errors on their has had the choice to make public the substance of
credit reports, difficulties with mortgage payments, his or her complaint by sharing the actual complaint
problems they experience when managing a narrative with any identifying details removed—a
checking or savings account, and trouble dealing handful of which are included in this paper.3 While
with debt collectors. Emerging trends appear in the each complaint is important on its own, these data
data as well, including a small but growing number points all make it possible to highlight issues of
of complaints about scams and fraud within money particular importance to older adults.A ARP PUBLIC POLICY INSTITUTE
SEPTEMBER 2021
Complaint Database Basics: The Number legacy of historical discrimination and differences in
and Origin of Consumer Complaints the types of products seen in different communities.7
By mid-2021, the CFPB had published a total State-by-state breakdowns—another type of
of nearly 2.2 million consumer complaints geographic variation captured by the database—also
about financial products and services within its show wide variation in the number of complaints
jurisdiction.4 New complaints per year across all submitted by people self-identifying as older adults.
ages increased steadily from over 72,000 in 2012 In 15 states, over 1,000 of these complaints have
to over 277,000 in 2019, before jumping to nearly been reported to the CFPB since 2018. Floridians
half a million in 2020. Complaints received from who self-reported as age 62 or older had the highest
people self-identifying as older adults (age 62 or
total number of complaints during this time
older) totaled 16,444 in 2020, the third highest year
period—7,257 complaints between January 2018
on record after 2016 (18,366 complaints) and 2015
and June 2021—with California close behind with
(16,803 complaints). In the first six months of 2021,
7,204 complaints. North Dakotans who self-reported
more than 237,000 additional complaints overall—
as age 62 or older submitted the fewest, with only
including 8,897 complaints by older adults—put
the agency on track to potentially exceed 2020’s 40 complaints. Comparing the total number of older
complaint levels. adult complaints against the population age 65 and
older gives a rough estimate of per capita complaint
The true number of complaints coming from older levels.8 On a per capita basis, older Floridians had
adults is unclear, since respondents are not required the fourth-highest number of complaints, behind
to give their age. In 2019, about 20 percent of all the District of Columbia, Nevada, and Delaware.
US residents were age 62 or older.5 From 2014 to
2016, about 1 in 10 CFPB complaints was filed by
an older adult. This percentage dropped to only
Other Consumer Complaint Databases
3.7 percent in 2020 and the first six months of
2021. This underrepresentation of older adults in The Consumer Financial Protection Bureau (CFPB)
the CFPB database may reflect people not giving Consumer Complaint Database is not the only
their age when filing a complaint, or it may be complaint database managed by the federal
caused by differences in awareness of the CFPB government that takes complaints from the general
and its complaint database, in the types of financial public and publishes them. However, the CFPB
concerns about which people may be inclined to file database is notable for the number of individual
a complaint, or other factors. Notably, the CFPB is data points made publicly available. The Federal
not the only federal agency to maintain a consumer Trade Commission’s Consumer Sentinel database
tracks complaints about practices across a wide
complaint database, but certain aspects make it
range of consumer products. The database also
unique (see sidebar, “Other Consumer Complaint includes cases of fraud and identity theft, but only
Databases”). aggregate complaint statistics are publicly available.
In addition to the data gaps resulting from age The Consumer Product Safety Commission (CPSC)’s
disclosure being optional for complaint filers complaint database, http://www.saferproducts.gov,
(service-member status is as well), demographic tracks safety-related complaints and distinguishes
data from CFPB complaints contain other gaps—in complaints by victims age 65 or older. Like the
part, intentionally so, to protect consumer privacy. CFPB’s database, the CPSC also publishes complaint
narratives. The National Highway Transportation
Although data on complaints by race and ethnicity
Safety Administration collects and publishes
are not available, a 2021 study by the agency found complaints on vehicles including a narrative, but not
that, in general, more diverse counties—specifically, the filing driver’s age.9 Airline consumer complaints
where more than 60 percent of the population was are compiled by the US Department of Transportation
Hispanic or non-White—filed more complaints by airline and category,10 but customer ages and
overall, and that this trend was evident across many narratives are not publicly available.
major financial products.6 This may reflect both the
2A ARP PUBLIC POLICY INSTITUTE
SEPTEMBER 2021
There are several ways that people can file a other commercial purposes, as well as companies
complaint with the CFPB. In recent years, over that offer credit repair services.
90 percent of complaints from older adults came Meanwhile, credit or prepaid card complaints have
either through the CFPB’s website or by phone, grown as a share of older adult complaints in recent
which is consistent with how people overall submit
years, forming the second largest category for 2020
complaints. The CFPB received a smaller share of
(at 23 percent) and the third largest category in the
complaints by mail, through a referral from another
first six months of 2021 (19 percent). Complaints
government agency, or by fax.
about debt collection have declined somewhat in
Credit Reporting, Mortgage, and Credit recent years as a relative share of all complaints,
Card Products Receive the Most Older from 17 percent in 2018 to 12 percent in 2020 and
Adult Complaints early 2021. Complaints about banking products
The top five products for which the CFPB received such as checking or savings accounts have ranged
complaints have been largely consistent over time from 9 percent to 13 percent between 2018 and
(figure 1). About 90 percent of complaints deal early 2021, placing them in fifth place for the first
with five types of products: checking or savings three years and narrowly overtaking debt collection
accounts, credit or prepaid cards, credit reporting, for fourth place in the first half of 2021. A smaller
debt collection, and mortgages. Since 2018, the share of complaints deal with other product areas
largest share of older adult complaints have such as money transfers, payday and title loans,
concerned credit reporting, with about one-quarter student loans, and vehicle loans. In addition to the
of all complaints in this category, which includes a distribution of complaints, the overall volume of
wide range of personal consumer reports that may complaints from filers who self-reported as being
be used for banking, employment, insurance, or older adults over time is also important.
FIGURE 1
Older Adult Complaints to the CFPB by Product Type (Top Five Products and All Others),
2018–2021*
Credit reporting, credit repair services, or other personal consumer reports
Mortgage
Credit card or prepaid card
Checking or savings account
Debt collection
All others
2018 25% 22% 17% 9% 17% 10%
2019 26% 20% 18% 13% 13% 10%
2020 25% 18% 23% 12% 12% 10%
2021* 25% 21% 19% 13% 12% 11%
Source: AARP Public Policy Institute tabulations of CFPB Consumer Complaint Database.
* 2021 data reflect January 1 through June 30. Totals may not equal 100 percent due to rounding.
3A ARP PUBLIC POLICY INSTITUTE
SEPTEMBER 2021
The number of complaints in most product areas such as payday and auto title loans—but people
has increased over time (figure 2). Complaints in who use these products do still file numerous and
just the first six months of 2021 also grew, in some significant complaints. Meanwhile, consumers do
categories exceeding complaints for the entire not have a choice about whether they interact with
year of 2018. This suggests that for some products, certain financial products or services, such as credit
total complaint volume for 2021 may well exceed reporting and debt collection, but are nevertheless
2020 levels. There were some exceptions to these
affected by them. For example, information on a
increases: payday, title, student, or personal loan
credit report could affect not just lending decisions
complaints all declined slightly in 2020. Some of
these declines might reflect changes in financial but also getting a job, renting an apartment, or
behavior during the pandemic, including the obtaining a cell phone without a deposit.
payment pause on student loans owned by the
Top 10 Issues for Older Adults Remain
federal government—the vast majority of all loans
in this market. Largely Consistent from Year to Year
Going beyond the product level, the issues raised
It is important to note that complaint levels do
in complaints from individuals self-identifying
not simply reflect consumers’ satisfaction or
dissatisfaction with a particular product, and as older adults provide an even clearer picture of
official complaints may reflect only a fraction of particular concerns. Since 2018, nearly two-thirds of
the challenges older adults face with that product. complaints each year have dealt with just 10 issues.
Products that are broadly used, such as basic While the relative volume of each type of complaint
checking and savings accounts, will potentially have has changed somewhat, many of these issues in
a larger number of complaints than products used the top 10 are highly consistent from year to year
by a much smaller percentage of older adults— (figure 3).
FIGURE 2
Older Adult (Age 62+) Complaints to the CFPB by Product Type, 2018–2021*
2018
2019
2020
2021*
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
Credit Mortgage Credit card Debt Checking Money Vehicle Payday Student
reporting, or prepaid collection or savings transfer, loan or loan, title loan
credit repair card account virtual lease loan, or
services, or currency, personal
other personal or money loan
consumer service
reports
Source: AARP Public Policy Institute tabulations of CFPB Consumer Complaint Database.
* 2021 data reflect January 1 through June 30.
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SEPTEMBER 2021
FIGURE 3
Top 10 Financial Issues Identified by Older Adults (Age 62+) in the CFPB Complaint Database, 2020
Credit reporting: Incorrect information on your report 2,284
Mortgage: Trouble during payment process 1,491
Checking or savings account: Managing an account 1,336
Credit card or prepaid card: Problem with a purchase shown on
your statement 1,331
Credit reporting: Problem with a credit reporting company’s
981
investigation into an existing problem
Debt collection: Attempts to collect debt not owed 954
Mortgage: Struggling to pay mortgage 633
Mortgage: Applying for a mortgage or refinancing an existing mortgage 540
Credit card or prepaid card: Fees or interest 399
Credit card or prepaid card: Other features, terms, or problems 393
Source: AARP Public Policy Institute tabulations of CFPB Consumer Complaint Database.
Similar to previous years, the top issue in 2020, the minimum payment due, not my actual
with thousands of complaints filed on it, dealt with payment every month. The only thing I carry
credit reporting: individuals complaining about a balance on is my newly acquired auto loan.
incorrect information on their credit reports. These I have a zero balance on everything else. This
complaints may have been filed against a credit is incomplete and incorrect information on
reporting agency or directly against a “furnisher”— my credit report which causes my [score] to
that is, the lender or other company submitting be erroneously lower than it should be. I am
recently widowed and have always had a
information to the credit bureaus. Some estimates
[score] above X. This is causing me a great
suggest that as many as one in five credit reports deal of stress.”
contains an error that could be disputed.11 The
—Complaint under “Credit reporting: Incorrect
following are two examples of credit reporting information on your report,” Mississippi, 2019
complaints from older adults concerning incorrect
information. “Company is wrongfully reporting that I was
late in paying three of my son’s student loan
“My credit score keeps going down and payments. I had no notice that payment was
the reason given is that there’s a high ratio due for my son’s account nor did I know that
between balances and credit limit. This payment had not been made. I should not
is incorrect and incomplete information be reported as having been late in making
because I pay my two credit card balances payments I did not know were due. When
in full upon receipt of the monthly statement. the credit alert service I subscribe to notified
What appears in my credit report is merely of company’s erroneous report regarding
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SEPTEMBER 2021
my credit I immediately contacted my son Another top-10 complaint each year was that people
and made sure he rectified his accounts. In were struggling to pay their mortgage. According to
addition, the report is misleading as it refers the CFPB, these complaints were particularly acute
to three separate accounts and yet lists at the beginning of the COVID-19 pandemic.13
just one account number for each separate Notably, the CFPB’s mortgage product category
erroneous report. This has caused substantial covers all types of mortgages: traditional “forward”
harm as the summary is that I have ‘too mortgages and other mortgage products such as
many’ installment accounts with a delinquent reverse mortgages and home equity loans or lines
or derogatory payment status. Further it of credit. Of all mortgage complaints received
is misleading as it does not reflect the fact concerning these two issues, the vast majority dealt
that I was a co-signer who was not informed with forward mortgages, including conventional,
a payment was due from the debtor. These Federal Housing Administration, and Veterans
wrongful actions have caused me substantial Affairs–backed loans. Approximately 9 percent to
damages and prohibit me from refinancing 14 percent of older adults’ mortgage complaints each
my home. My credit would be perfect but for year were made regarding nonforward and home
these wrongful reports.” equity mortgage products.14
—Complaint under “Credit reporting: Incorrect
information on your report,” Oregon, 2020 In addition to specific credit reporting and mortgage
issues, other issues remained prevalent during
The second most common issue each year was this time period. Attempts to collect debt that was
trouble during the payment process for mortgages. not owed, problems with a purchase shown on
Payment process issues include applying principal a credit card statement, fees or interest on credit
payments and taking advantage of forbearance cards, managing a checking or savings account,
options as well as coming out of forbearance.12 In and problems with a credit reporting company’s
some cases, these complaints also involve payment investigation were all among the top 10 in each year
services handling payments incorrectly: from 2018 through the first six months of 2021.15
“My mortgage payments have not been Looking at the rankings from these years, some
applied to my account. My husband and I issues have newly emerged while others have
have never been 30 days late on mortgage declined in prevalence. During this time, problems
payments. We continuously receive late with applying for a mortgage or refinancing an
notices and foreclosure letters. This has been existing mortgage both moved up in the rankings,
going on [for some time]. The mortgage as did closing on a mortgage. This trend potentially
company is stating that we are approximately reflects the recent challenges faced by borrowers
[$3,800.00] behind in our mortgage. I have during the pandemic. Most notably, while still not
called the mortgage company to let them among the top 10, fraud or scam complaints also
know that we have NEVER paid our mortgage increased markedly in the rankings, from 29th
late. We pay our mortgage via [a payment in 2018 to 12th for the first half of 2021. These
service] and we have all of our receipts. I accounted for a small number of complaints in
tried to set up online payments through the total: 169 in the first six months of 2021 and 200
mortgage company’s website but was told in 2020. The vast majority of these fraud and
by a customer service representative that scam complaints involved money transfer, virtual
we must bring our account current. This is currency, or money service businesses. This increase
very frustrating because our account is not mirrors a rise in older adults’ fraud complaints filed
delinquent. The company did not apply our with the Federal Trade Commission.16
payments correctly.” Complaints about closing a checking or savings
—Complaint under “Mortgage: Trouble during account have also increased, possibly as the pandemic
payment process,” Virginia, 2020 and recession led to changes in financial habits.17
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SEPTEMBER 2021
Meanwhile, credit card complaints about fees or For the remainder of complaints—roughly 15 percent
interest as well as other features, terms, or problems to 22 percent of all complaints per year—the
moved down in the rankings, as did debt collection customer making the complaint receives some type
complaints about threatened or actual negative of relief from the company. Each year, 7 percent
or legal action as well as complaints about debt to 9 percent of complaints result in monetary
collectors’ communication tactics. Some of these may relief, and an additional 7 percent to 14 percent of
reflect pandemic-related relief as well as limits on debt complaints result in nonmonetary relief, which may
collection activity in certain jurisdictions, particularly include actions such as stopping collections calls
while courthouses remained closed. and correcting account information or documents.18
At the state level, the top three issues vary Between January 2012 and June 2021, a total of 9,742
somewhat but remain fairly consistent. In all older adult complaints resulted in monetary relief, and
50 states as well as the District of Columbia and 13,199 resulted in nonmonetary relief. These reflect
Puerto Rico, incorrect information on credit reports more than 18 percent of known complaints made to
was among the top three. In 44 states, the District the CFPB by older adults during this time period.
of Columbia, and Puerto Rico, trouble during the
mortgage payment process was also among the Even in cases where customers do not individually
top three. Several other issues rounded out the top receive relief, complaints may nevertheless be
three, including managing a checking or savings helpful systemwide. They illustrate particular
account (19 states, the District of Columbia, and flaws in products, or in people’s expectations about
Puerto Rico), a problem with a purchase shown on a these products, that may improve product design
credit card statement (19 states), and debt collectors or customer service practices. They also identify
attempting to collect a debt that was not owed for both federal and state regulators whether new
(16 states). In six states, the top three included a forms of regulation or enforcement are necessary to
problem with a credit reporting company’s existing protect consumers. And as a public resource, these
investigation. In South Dakota and Wyoming, it financial concerns are made available to a broad
included applying for or refinancing a mortgage, range of researchers and individuals seeking to
and in North Dakota, it included debt collection track challenges in the marketplace.
communication tactics.
FIGURE 4
Complaint Outcomes Include Relief for
How Complaints Filed by Older Adults in 2020
about 23,000 Older Adults Were Closed by Companies
After a complaint is filed with the CFPB, it is then
sent to the financial company mentioned in that Monetary relief
complaint. The company has a chance to verify it; 8.01%
for example, for a bank account complaint, the bank Nonmonetary relief
verifies that someone actually has an account at 7.89%
that bank. The company must then investigate and
Untimely response
provide an initial response within 15 days as well as a
Explanation 0.46%
final response within 60 days. The way the company 83.64% In progress
ultimately closed the complaint is then made public 0.01%
(figure 4). The vast majority of complaints—three-
quarters or more—are closed with an explanation.
This may reflect a misunderstanding of how a
product or service works, or what the financial
company’s policies or obligations are. In a very small Source: AARP Public Policy Institute tabulations of CFPB
share of complaints (less than 1 percent per year), the Consumer Complaint Database.
company fails to provide a timely response.
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SEPTEMBER 2021
Conclusion data collection from the complaint portal, the
Ten years after its creation, the Consumer Financial CFPB should also explore ways to enhance public
Protection Bureau’s complaint database serves as complaint reporting and analysis based on age and
a powerful tool for individuals to file complaints other demographic factors to identify particular
about a financial product or service, to see that areas of concern for various communities.
their voices are heard, and in some cases to obtain Otherwise, concerns frequently raised by older
relief. While the true number of complaints filed by adults, or among people of a particular race or
older adults is unknown, it is clear that older adults ethnicity, for example, might be overlooked.
submit complaints to the CFPB about a wide range Meanwhile, financial services companies should take
of financial products, with particularly frequent older adults’ CFPB complaints seriously and even
concerns about credit reporting, mortgages, credit use the information obtained from the database as
cards, bank accounts, and debt collection. a resource to support their business. In response to
Such information makes these complaints and the recurring problems that older consumers raise, they
data that result from them helpful not only to the should explore modifying their products, practices,
individual filer but also to stakeholders who can and customer engagement to meet the needs of
provide solutions. The CFPB and other stakeholders this growing demographic. Additionally, public and
should expand awareness of the complaint portal private-sector entities should also consider these
and its potential to community organizations, complaints when vetting potential financial services
researchers, and advocates. This would increase company partners. These steps would increase the
both the number of complaints received and complaint database’s utility in the years to come for
their value. Given the limitations of demographic consumers, business, and government alike.
1 12 USC §5493 (g)(1). People filing complaints with the CFPB have the option to give their age and self-identify as an older
adult, a service member, or both; this is the only available age-based distinction in these data. In this paper, “Older Adult”
complaints refer to any record in the complaint database where the “Tags” field contains either “Older Adult” or “Older Adult,
Servicemember.” According to the CFPB, 26 percent of complaints in 2020 included the complainant’s age (whether over or
under 62), of which only those 62 or older were reported publicly. Consumer Financial Protection Bureau, “2020 Consumer
Response Annual Report,” March 2021, https://files.consumerfinance.gov/f/documents/cfpb_2020-consumer-response-
annual-report_03-2021.pdf.
2 Reporting categories in the database changed on April 24, 2017. As a result, 2017 complaints could fall under either old
or new categories. For example, complaints about credit cards and prepaid cards were separate categories pre‑2017,
while they were a single category afterward, and complaints about a bank account or service pre-2017 were relabeled
as complaints about a checking or savings account. Complaint categories for debt collection, mortgages, student
loans, and vehicle loans or leases remained consistent. For more information, see CFPB technical release notes:
https://cfpb.github.io/api/ccdb/release-notes.html. Additionally, complaints during the CFPB’s early years did not reflect the
full spectrum of financial products and services that the database covers today.
3 Complaints featured in this report have been lightly edited (e.g., removing misspellings, typos, or excess spaces).
4 The number of published complaints is lower than the number of total complaints received because many complaints the CFPB
receives are ultimately referred to other agencies if they are outside the agency’s jurisdiction, such as complaints concerning
banks and credit unions with less than $10 billion in assets.
5 US Census Bureau Current Population Survey, https://www2.census.gov/programs-surveys/demo/tables/age-and-sex/2019/
older-population/2019older_table1.xlsx.
6 Consumer Financial Protection Bureau, “Complaint Bulletin: County-Level Demographic Overview of Consumer Complaints,”
April 2021, https://files.consumerfinance.gov/f/documents/cfpb_complaint-bulletin_county-level-demographic-overview-
consumer-complaints_2021-04.pdf.
7 Joe Valenti and Danyelle Solomon, “Communities of Color Cannot Afford a Weakened CFPB,” Center for American Progress,
2017, https://www.americanprogress.org/issues/economy/reports/2017/03/28/429270/communities-color-cannot-afford-
weakened-cfpb/.
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8 While the age cutoff for the database is 62, per capita calculations are based on 2018 census population estimates as reported
in Population Reference Bureau, “Which US States Have the Oldest Populations?,” March 16, 2019, https://www.prb.org/
resources/which-us-states-are-the-oldest/.
9 National Highway Traffic Safety Administration, “NHTSA Datasets and APIs,” https://www.nhtsa.gov/nhtsa-datasets-and-apis
(last accessed June 2021).
10 US Department of Transportation, “Aviation Consumer Protection: File a Consumer Complaint,” https://www.transportation.gov/
airconsumer/file-consumer-complaint (last accessed June 2021).
11 Federal Trade Commission, “Report to Congress under Section 319 of the Fair and Accurate Credit Transactions Act of
2003,” December 2012, https://www.ftc.gov/sites/default/files/documents/reports/section-319-fair-and-accurate-credit-
transactions-act-2003-fifth-interim-federal-trade-commission/130211factareport.pdf.
12 CFPB, “2020 Consumer Response Annual Report.” The CFPB also recognized that a large number of mortgage complaints
dealt with navigating the forbearance process during the pandemic. Consumer Financial Protection Bureau, “Complaint
Bulletin: Mortgage Forbearance Issues Described in Consumer Complaints,” May 2021, https://files.consumerfinance.gov/f/
documents/cfpb_mortgage-forbearance-issues_complaint-bulletin_2021-05.pdf.
13 CFPB, “2020 Consumer Response Annual Report.”
14 For example, among older adult consumers who reported in 2020 that they were struggling to pay their mortgages, 6.5 percent
had a home equity loan or line of credit, and 3.5 percent had a reverse mortgage. Among older adult consumers who reported
in 2020 having trouble with the payment process on their mortgage, 6.5 percent had a home equity loan or line of credit,
and 4.4 percent had a reverse mortgage. In both cases, this was a smaller share of all older adult complaints regarding that
particular mortgage issue than in 2018 or 2019. For complainants who did not self-identify as older adults (of which most
are presumably younger than age 62), roughly 5 percent of 2020 mortgage complaints regarding these two specific issues
pertained to home equity loans or lines of credit, and less than 1 percent pertained to a reverse mortgage. This is not surprising
given that federally guaranteed reverse mortgages (known as Home Equity Conversion Mortgages, or HECMs) are available only
to homeowners age 62 or older.
15 The debt collection issues above include being called about debts the individuals do not recognize, debts that belong to
someone else, and collections for services or products they did not receive. Credit card statement disputes include fraud or
identity theft as well as attempts to obtain refunds or chargebacks for canceled travel, sporting events, concerts, and so on.
Managing a checking or savings account includes complaints about processes for deposits, withdrawals, ATM cards, funds
availability, and bank branch closures. CFPB, “2020 Consumer Response Annual Report.”
16 AARP analysis of Federal Trade Commission Consumer Sentinel data, “Reported Frauds and Losses by Age,”
https://public.tableau.com/app/profile/federal.trade.commission/viz/FraudReports/AgeFraud (last accessed July 2021).
17 For example, during the prior recession, people who lost jobs often closed bank accounts as a result. Across multiple cycles
of the Federal Deposit Insurance Corporation’s survey of unbanked households, the most frequent reason those without
a checking or savings account give for not having an account is a lack of money to put in it. Joe Valenti, “Financial Access
Challenges for Older Adults,” AARP Public Policy Institute, September 9, 2020, https://www.aarp.org/ppi/info-2020/financial-
access-challenges-for-older-adults.html.
18 “The Bureau defines ‘monetary relief’ as objective, measurable, and verifiable
monetary relief to the consumer as a direct result of the steps that have or
will be taken in response to the complaint. The Bureau defines ‘non-monetary Spotlight 1217900, September 2021
relief’ as other objective and verifiable relief to the consumer as a direct result
of the steps that have or will be taken in response to the complaint. Examples © AARP PUBLIC POLICY INSTITUTE
of non-monetary relief to consumers include stopping unwanted calls from debt 601 E Street, NW
collectors; correcting account information; correcting inaccurate data provided Washington DC 20049
or reported in consumers’ credit reports; issuing corrected documents; restoring Follow us on Twitter @AARPpolicy
account access; and addressing formerly unmet customer service issues. ‘Closed On facebook.com/AARPpolicy
with explanation’ indicates that the steps taken by the company in response to the www.aarp.org/ppi
complaint included an explanation that was tailored to the individual consumer’s
complaint. For example, this category is used if the explanation substantively For more reports from the Public Policy
meets the consumer’s desired resolution or explains why no further action will be Institute, visit http://www.aarp.org/ppi/.
taken. Companies should select ‘Closed with explanation’ category when specific,
verifiable monetary or non-monetary relief was not provided to the consumer https://doi.org/10.26419/ppi.00147.001
in response to issues raised in the complaint.” Consumer Financial Protection
Bureau, “2020 Consumer Response Annual Report.”
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