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Wednesday, November 5, 2014

CFPB: Debt Collection Tops Older Consumer Complaints

The CFPB found that debt collection is a top complaint among older consumers, according to complaints collected from the group. One of every three complaints from older Americans were about debt collection. According to the report, some of the debt collection issues older Americans complain about include collectors: hounding about medical debt, attempting to collect on debts of deceased family members, and illegally threatening to garnish federal benefits. Director Richard Cordray said:

It is increasingly common for older Americans to carry debts into their retirement years, and consumers living on fixed incomes often struggle to pay off these debts. Older Americans deserve to be treated with the respect they have earned.

In response to the report, the CFPB is issuing a consumer advisory to help older Americans deal with harassing debt collectors. The CFPB highlighted the following advice for older consumers concerned about debt collectors: protect your federal benefits, get more information to identify the debt, dispute inaccurate debts and send a letter requesting that debt collectors cease collection communication.

Read the press release.
Read the consumer advisory.

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