CFPB Monthly Snapshot Focused On Debt Collection

In its latest monthly snapshot report, the Consumer Financial Protection Bureau reported that it has handled approximately 285,800 debt collection complaints since July 21, 2011, making debt collection the most-complained-about product.  Within the debt collection context, consumers' most common complaint concerned attempts to collect on a debt that the consumer says is not owed.  According to the CFPB, this issue was the focus of approximately 39% of all the debt collection complaints.

Consumers reported being contacted by collectors for debts that were no longer owed and also voiced complaints about collectors' refusal to provide verification of the purported debts.  Consumers also complained that creditors forwarded their accounts to third-party collectors for a debt that was not owed before the creditors even contacted them regarding an outstanding balance.