Wednesday, March 30, 2016

CFPB Monthly Report Returns its Focus to Debt Collection

The CFPB issued its monthly report of consumer complaints and the focus was back to debt collection.  The Report is a high level snapshot of trends in consumer complaints and provides a summary of the volume of complaints by product category, by company and by state.  Additionally, it highlights a product type and a geographic area. 

Here are the highlights:

  •  Debt collection, mortgage and credit reporting continue to be the leaders in complaint volume;
  • Debt collections complaints comprise 26% of the total cumulative complaints received to date by the CFPB;
  • Credit reporting complaints showed the greatest month-over-month percentage increase with a 13% increase;
  • As was the case when the CFPB last highlighted debt collection in July 2015, the most common debt complaint was continued attempts to collect a debt not owed;
  • The second most common issue for first-party debt collectors was  communication tactics;
  • The second most common issue for third party collectors was disclosure/verification of debt;
  • The Report also highlights the following additional concerns by consumers:
    • Frequent or repeated calls from debt collectors;
    • Workplace phone calls; and
    • Refusals by debt collectors to honor requests to cease communication;


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