The Consumer Financial Protection Bureau (CFPB) recently released its annual report on the top financial concerns facing servicemembers, veterans, and military families, based on the complaints they submitted to the CFPB. Servicemembers told the CFPB about billing inaccuracies and that debt collectors used aggressive tactics to recover allegedly unpaid medical bills. Servicemembers also reported failures by credit reporting companies in helping to resolve inaccuracies and other credit reporting issues.
“Errors on credit reports can jeopardize servicemembers’ financial readiness, and ultimately, their ability to protect our nation,” said CFPB Director Rohit Chopra. “No servicemember, veteran, or military family should be subject to credit reporting rumors and innuendo, nor should they feel coerced to pay a bill they do not owe.” Servicemembers, veterans, and military families have now submitted more than 250,000 consumer complaints since the CFPB began collecting complaints in 2011. In 2021, they submitted more than 42,000 complaints to the CFPB. The most common types of complaints — more than 60% — were about credit reporting and debt collection.
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