New CFPB report analyzes consumer complaints about the debt collection market

The Consumer Financial Protection Bureau (CFPB) recently released a report on the 30,300 debt collection complaints that it received from consumers between July and December 2013. Being "hounded by debt collectors about debts they do not owe" was the top consumer complaint, accounting for more than one-third of all of the debt collection complaints received. Complaints regarding the "aggressive communication tactics used by debt collectors" made up nearly one-third of all of the complaints received. The third-highest topic, accounting for about 14 percent of the complaints, was the taking or threatening illegal action by debt collectors. On January 2, 2013, the bureau became the first federal institution to ever supervise the larger consumer debt collectors. During that year, the CFPB "pursued two debt collection enforcement actions" and, in November, released an Advanced Notice of Proposed Rulemaking (ANPR) as the first step toward creating new federal rules for the debt collection market (See our Nov 6, 2013, blog post for more information). For more, read the full report and news release.

Consumer Financial Protection Bureau