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Financial Services Law Insights and Observations

CFPB releases complaint snapshot on debt collection

Consumer Finance CFPB Consumer Complaints Debt Collection

Consumer Finance

On May 31, the CFPB released a complaint snapshot on debt collection, which provides a high-level overview of trends from all consumer complaints and additional details related to debt collection complaints. The CFPB reports that it has received approximately 1,492,600 total complaints as of April 1, and that “credit or consumer reporting” was the most-complained-about category in March 2018. As for debt collection, the Bureau received approximately 400,500 debt collection complaints since July 21, 2011, 27 percent of the total number of complaints. The report also highlights common themes among debt collection complaints, including (i) debts being listed on credit reports without prior written notice of the existence of the debt; (ii) debt collection companies not responding to requests for additional information; and (iii) various communication tactics used by debt collection companies, including frequent and repeated calls, calls before 8 a.m. and after 9 p.m., and calls after requests for no further telephone contact.

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