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Highest Complaints for Debt Collection Harassment

Debt Collection Complaints.jpg

Last month the Consumer Financial Protection Bureau released a report which focused on consumers' top complaints. The article went into great detail examining the complaints by product, states, and company. One of the biggest problems consumer had faced were issues with debt collection.

For July 2015 corresponding with the report there were six major categories for debt collection problems:

1. Continued/Attempted to Collect Debt Not Owed

2. Communication Tactics

3. Disclosure Verification of Debt

4. Taking/Threatening an Illegal Action

5. False Statements/Representation

6. Improper Contact or Sharing of Info

The CFPB states that they "handled more complaints about debt collection than any other type of complaint." Partly due because debt collection complaints make up approximately 32 percent of complaints submitted in July 2015.

The report also listed the products that produced the most complaints from consumers. The largest was debt collections with around 7,500 complaints (increase by 4 percent). One of the second largest complaints are from mortgages, which surged about 10 percent in the last month. Surprisingly enough student loans complaints had decreased month to month about 4 percent.

Lastly the companies Equifax, Experian, and Bank of America were the "most-complained-about companies for February - April 2015."

We at Timothy J. Sierra Attorney at Law would like to state that our blog posts and links, on our web page or any other social media outlet, to any other web pages are not intended for legal advice. We are not responsible for third party website information. If one is in need of legal advice please contact an attorney directly.

Source: Consumer Finance | CFPB Monthly Complaint Report

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