Mortgage Abuses Lead Complaints by Older Consumers in Arizona

Oct 12, 2017

A new report shows Arizona ranks in the top 10 states for complaints by older consumers.

KAWC's Stephanie Sanchez has details.

According to the new report by the Arizona Public Interest Research Group Education Fund and the Frontier Group, mortgages account for 31 percent of 72,000 complaints in the state.

Credit reporting and debt collection complaints trailed closely.

Executive director of Arizona PIRG Diane Brown said older consumers are tempting targets for scammers.

"Due to their savings, home equity or home income," Brown said. " Many older consumers may be at an increased risk for predatory behavior because of their health or living conditions, such as cognitive, decline, isolation or recent loss of a loved one."

According to Arizona PIRG, state legislators are working on a bill that would roll back the funding for the Consumer Financial Protection Bureau.

One of PIRG's recommendations is to keep the bureau intact or else it could place older consumers at greater risk of harm from scammers.