The Consumer Financial Protection Bureau’s (“CFPB”) latest consumer complaint “snapshot” has been released. Among a long slew of complaints, the most popular debt collection complaint was the companies’ attempts to seek relief on debt that was not owed; these made up 38% of the 219,200 complaints received by the CFPB in 2015.
Other debt collection related complaints included:
- Debt collectors constantly calling consumers despite being told that the debtor could not be reached at the dialed number, and in many cases, calling the debtor’s place of employment.
- Debtors not receiving adequate information to verify debts owed. Consumers also complained that they did not receive proper information to verify whether actually did owe the debt was being attempted to collect.
The CFPB also took the liberty of naming the two most complained about debt collection companies: Encore Capital Group and Portfolio Recovery Associates, Inc. Collectively, these two debt collection companies averaged over 200 complaints between October and December 2015. The CFPB’s monthly report can be found here.