The Most Hated Company in Every State

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Since the Consumer Financial Protection Bureau (CFPB) was formed in 2011, the federal agency has received more than 1.5 million complaints from consumers about financial products and services.

Within these complaints, the same companies are mentioned again and again.

In fact, when the U.S. Public Interest Research Group Education Fund recently analyzed 1.2 million complaints published in the CFPB’s database, the nonprofit found nearly half were filed against 10 companies.

When they broke down the complaints by state, the U.S. PIRG Education Fund found that 1 in 7 businesses garnered the greatest number of complaints in each state.

Here’s a closer look at the seven financial firms that upset the most people in each state, according to the U.S. PIRG Education Fund analysis.

Citizens Financial Group

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The most complained-about company in:

  • Rhode Island

In Rhode Island, people are not happy with Citizens Financial Group, which operates Citizens Bank, the 13th-largest retail bank in the country.

And it isn’t just the CFPB that has received complaints about the bank either. The company has a one-star rating on the Better Business Bureau’s website based on more than 100 customer reviews, although Citizens Financial Group received an A+ rating from the BBB itself.

JPMorgan Chase

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The most complained-about company in:

  • New York

New Yorkers have complained to the CFPB about JPMorgan Chase more often than about any other company.

The big bank offers a number of banking and investment services, but mortgages prompted the greatest number of complaints about JPMorgan Chase. In its analysis, the U.S. PIRG Education Fund notes that the high number of complaints may be partially a result of JPMorgan Chase’s significant market share in the mortgage lending industry.

TransUnion

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The most complained-about company in:

  • Arkansas

One of the three major credit reporting companies, TransUnion is the company that got the most complaints in Arkansas as well as being the third-most complained-about company nationwide.

Overall, 7% of the complaints received by the CFPB are related to TransUnion, according to the U.S. PIRG Education Fund analysis.

As could be expected, complaints against TransUnion most commonly relate to credit reporting, credit repair services and other consumer reports.

Only 16% of the complaints made against TransUnion have resulted in any relief for consumers, and none of the complainants have received monetary relief from the company, the analysis found.

Experian

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The most complained-about company in:

  • Nevada
  • New Mexico
  • North Dakota
  • Utah

This credit reporting company has been the subject of the most complaints to the CFPB from residents of Nevada, New Mexico, North Dakota and Utah. Nationwide, Experian accounts for 8% of all complaints to the bureau, making it the second-most complained-about company in the bureau’s database of companies.

However, Experian is notable in that it has provided some form of relief to 40% of those making complaints to the CFPB. That is the highest percentage of relief found among the top 10 companies for CFPB complaints identified in the U.S. PIRG Education Fund analysis.

Wells Fargo

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The most complained-about company in:

  • Alaska
  • Minnesota
  • Montana
  • Nebraska
  • New Jersey
  • South Dakota
  • Wyoming

Wells Fargo garnered the most CFPB complaints from residents in seven states. The financial institution offers a number of banking and lending products, but mortgages were most commonly at the root of customer problems.

In many cases, consumers reported difficulty working with Wells Fargo when it came to requests for loan modifications.

Last year, the bank acknowledged making errors that resulted in hundreds of people being incorrectly denied mortgage relief, often resulting in families losing their homes. Other complaints sent to the CFPB pertain to the bank’s debt collection activities and fees as well as unauthorized transactions.

Bank of America

Bank of America
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The most complained-about company in:

  • Arizona
  • California
  • Connecticut
  • Hawaii
  • Maine
  • Maryland
  • Massachusetts
  • New Hampshire
  • Oregon
  • Vermont
  • Washington

Residents in 11 states complained to the CFPB about Bank of America more often than any other company.

As with JPMorgan Chase and Wells Fargo, mortgages were the No. 1 source of complaints.

And, as with the other banks, the U.S. PIRG Education Fund surmises that the number of Bank of America complaints may be related to the fact it is one of the nation’s major mortgage lenders. However, the fund says consumer problems may also be a result of the bank’s subprime lending habits leading up the housing market crash of 2008.

Equifax

Equifax scrutiny
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The most complained-about company in:

  • Alabama
  • Colorado
  • Delaware
  • District of Columbia
  • Florida
  • Georgia
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Michigan
  • Mississippi
  • Missouri
  • North Carolina
  • Ohio
  • Oklahoma
  • Pennsylvania
  • South Carolina
  • Texas
  • Tennessee
  • Virginia
  • Wisconsin
  • West Virginia

Equifax is in the unenviable position of being the most complained-about company in the United States, accounting for 9% of all complaints made to the CFPB. It’s also the company complained about most often by residents of 25 states and the District of Columbia.

In 2017, the credit reporting company experienced a security breach in which hackers accessed sensitive information, including Social Security numbers, from more than 145 million consumers. Many complaints to the CFPB were related to the breach and to Equifax’s customer service response in its wake.

However, the U.S. PIRG Education Fund notes that consumer complaints about all three major credit reporting companies have been increasing in recent years, indicating that issues extend beyond the data breach.

Have you ever filed a complaint with the CFPB? Were you satisfied with the result? Tell us about your experience in the comments below or on our Facebook page.

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