Colorado Politics

Colorado ranks 9th for financial services complaints by older residents

Older Coloradans are among the most aggrieved in the country about credit reports, mortgages, credit cards and other financial services, according to a study released this week.

“Older Consumers in the Financial Marketplace” was compiled by the Colorado consumer group CoPIRG Foundation and the Frontier Group, a left-leaning advocacy organization.

Colorado ranked ninth for the most complaints per capita for consumer complaints people older than 62. Washington, D.C, topped the list, followed by Nevada, Delaware, Maryland and Georgia in the top five. Also joining Colorado in the top 10 were Florida, California, New Jersey and, at No. 10, Arizona.

The report says Colorado’s older population is 935,710, and found they registered 1,286 complaints with the Consumer Financial Protection Bureau.

Nationally, mortgages were the leading source of complaints, about 31 percent of the more 72,000 registered with the CFPB and analyzed by CoPIRG. They were also a leading source from Colorado. Credit reports were wrong information was the second-leading cause of complaints at about 17 percent.

Danny Katz, director of the Denver-based CoPIRG Foundation, said such predatory behavior and products in the financial marketplace demonstrate the need for a strong federal watchdog dog agency.

“Not only do these complaints provide ways for Coloradans who were ripped off or wrongly harassed to get relief, but it is helping the Consumer Bureau stand up for consumers, especially older consumers, against any predatory financial company in our country,” Katz said in a statement. “The last thing Congress should do is weaken the Consumer Bureau or undermine its effort to protect consumers.”

In a statement released by CoPIRG, Mona Moffatt from the Colorado Alliance of Retired Americans said older people look like easy marks for predatory financial services.

“Scammers may look to take advantage of their savings, home equity or guaranteed income,” said said. “Older consumers facing a savings shortfall may be harmed by low-balance or overdraft fees at banks, or be tempted to take on credit or use products such as reverse mortgages, whose risks may not be fully understood. It’s critical the Consumer Bureau be allowed to do its job, especially to keep focusing on helping older Americans.”

Read the full report here.


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