Bad experiences with mortgages and credit cards topped the list of grievances that Illinois residents have filed with the U.S. Consumer Financial Protection Bureau's online complaint portal, a new study shows.
The bureau was born out of the 2010 Dodd-Frank Wall Street Reform & Consumer Protection Act. After its founding, it went live with a publicly searchable consumer complaint database.
Chicago-based Woodstock Institute, a nonprofit that does research into fair lending, wealth creation and financial systems reform, found that Illinois residents have submitted 4,651 complaints to the CFPB database, with 48 percent related to mortgages.
Credit card complaints have accounted for 20 percent, with the two biggest issues being billing disputes and interest rates.
Complaints related to bank accounts or services have made up 18 percent of the total, with two-thirds of those related to opening, closing or managing an account or deposits and withdrawals.