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Thursday, February 9, 2017

CFPB: Debt Collection Tops Consumer Complaints for December

Consumers complained most frequently about debt collection in December, according to the CFPB’s monthly complaint snapshot. The bureau received approximately 23,000 complaints during the month, of which 7,100 involved debt collection. Other common complaints included credit reporting and mortgages.

Included in the report was a spotlight on mortgage-related complaints. The majority of complaints (80%) filed by mortgage borrowers were related to servicing; specifically, consumers complained of problems with making payments or issues that arose when they were unable to meet their payment. Other servicing-related complaints included the misapplication of funds and difficulties communicating with servicers when attempting to resolve loan issues.

The report also examined complaints that came specifically from consumers in Tennessee. Tennesseans complained most frequently about debt collection, while mortgage-related complaints were below the national average.

Read the report.

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