The CFPB released a report on consumer debt collection complaints and the bureau’s regulatory efforts in that area. “Debt collection is now our largest source of complaints per month,” CFPB Director Richard Cordray said.
The CFPB said that of the more than 30,000 complaints it has received about debt collection, over one-third said the debt is not owed, with most of those reporting that the debt was never theirs to begin with. Almost a quarter of complaints are about debt collection tactics, and 14% said the collector threatened illegal action.
The report also covered the bureau’s recent regulatory activity on debt collection, including an advance notice of proposed rulemaking in November 2013 and two enforcement actions last year.
Read the report.