{"id":1093,"date":"2017-10-11T22:28:39","date_gmt":"2017-10-12T02:28:39","guid":{"rendered":"https:\/\/dev.pirg-test.com\/georgia\/resources\/fact-sheet-older-consumers-financial-marketplace-2\/"},"modified":"2022-08-16T13:19:50","modified_gmt":"2022-08-16T17:19:50","slug":"fact-sheet-older-consumers-in-the-financial-marketplace","status":"publish","type":"resource","link":"https:\/\/dev.pirg-test.com\/georgia\/resources\/fact-sheet-older-consumers-in-the-financial-marketplace\/","title":{"rendered":"Fact Sheet: Older Consumers in the Financial Marketplace"},"featured_media":0,"template":"","meta":{"_acf_changed":false,"_yoast_wpseo_meta-robots-noindex":false,"_yoast_wpseo_meta-robots-nofollow":false,"_yoast_wpseo_opengraph-title":"","_yoast_wpseo_opengraph-description":"","_yoast_wpseo_twitter-title":"","_yoast_wpseo_twitter-description":""},"campaign_tax":[183],"display_option":[],"issue_tax":[],"resource_type":[88],"region_tax":[],"state":[9,13,25,28,2,32,33,34,38,42],"topic_tax":[154],"class_list":["post-1093","resource","type-resource","status-publish","hentry"],"acf":{"details":{"helper_taxonomies":{"topics":[154],"collection":false,"press_type":false,"person_type":false,"resource_type":88,"event_type":false,"campaigns":183,"department":false,"level":false,"states":[2,9,13,25,28,32,33,34,38,42],"act_option":false,"display_option":false,"primary":{"topic":154}},"subtitle":"An Analysis of Complaints, and Results, From the CFPB","excerpt":"Check out our fact sheet for the \"Older Consumers in the Financial Marketplace\" report analyzing complaints, and results, from the Consumer Financial Protection Bureau.","featured_image":"","caption_override":"","updated_on":null,"sidebar_action":null,"related_event":null,"hide_hero_image":false,"location":"","external_link":{"publication_name":"","url":""},"file":null,"sidebar_action_query_string":""},"helper_people_group":{"title":"Authors","entities":null},"helper_downloads":{"title":"Downloads","files":[{"file":100000000015815,"title":"Older Consumers factsheet – USPIRG – Oct 2017"}]},"page_layout":[{"acf_fc_layout":"layout_wysiwyg","_acfe_flexible_toggle":"","component_wysiwyg":{"content":"

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Click here to see the full fact sheet pdf<\/a>.<\/em><\/p>\n

Consumer Complaints Shine a Light on Mistreatment of Older Americans by Financial Companies<\/h2>\n

As consumers age they can face increased risk in the financial marketplace, and predatory businesses may target them with misleading ads, unfair fees, and overpriced or unnecessary financial products. A new analysis shines light on these issues, finding that through July 2017, older Americans had submitted at least 72,000 complaints to the Consumer Financial Protection Bureau, also known as the Consumer Bureau. The analysis found that mortgages, debt collection, and credit reports accounted for the most complaints by older Americans, representing 31, 17 and 17 percent of complaints, respectively.<\/p>\n

Complaints Detail Problems with Reverse Mortgages and Other Products<\/h2>\n

Many mortgage complaints, for example, relate to reverse mortgages, which are loan products only available to consumers 62 and older. Older consumers report a variety of problems with reverse mortgages, including trouble keeping up with property taxes and other payments, and trouble accessing lines of credit. In one complaint, a consumer alleged that he or she could no longer access a reverse mortgage line of credit after his or her loan was sold to a new mortgage company that did not provide accurate contact information.<\/p>\n

Older Americans also report inappropriate tactics used by debt collectors. One consumer reported that \u201c[s]ometimes they curse at me and [threaten to] have me thrown in jail.\u201d<\/p>\n

Older Consumers Need Strong Financial Protection<\/h2>\n

Older consumers face unique risks in the financial marketplace. For example:<\/p>\n