An analysis on US Credit Complaints

An analysis on US Credit Complaints

This dataset consists of 555,957 consumer complaints on financial products and services from US Financial institutions. The purpose of this data analysis is to give a visual essay, and a general overview on the information provided, such as the institutions, the type of consumer complaints and the responses given to consumers. There are 3,605 Financial institutions represented in this dataset.

The number of complaints is in an increasing trend since 2012. By the end of 2012 the number of complaints was about 10,000 and one year later that number increased 30%, to 13,000. By mid 2015, it hit the highest number, of about 16,000 complaints.

There are 11 complaint product types represented in this dataset. By looking at the pie chart, two complaint products pop up by their size : Mortgage and Debt Collection. They both represent half of all complaints in this dataset.

Bank of America is the financial institution with more complaints in this dataset, with almost 60,000 complaints. Next comes Wells Fargo with more than 40,000 complaints. JP Morgan Chase, Citibank and Capital One also belong to this top 10.

There are 8 types of response by which these financial institutions classify each complaint. According to the dataset, more than half of complaints were "closed with explanation".

There are 6 different methods that consumers can submit their complaints. The most preferred method is via web. Surprisingly email is the least favourite.

According to the dataset, 97% of the financial institution response was given in time.

When it comes to the company public disclosure of responses, 52,478 financial institutions choose not to provide a public response, out of 85,124. That represents 62% of all responses.