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CFPB 2014 complaints report shows increase that is large business collection agencies and credit rating complaints

CFPB 2014 complaints report shows increase that is large business collection agencies and credit rating complaints

The CFPB’s Consumer Response Annual Report complaints that are analyzing in 2014 indicates that volume rose 53percent from 163,700 complaints in 2013 to 250,200 in 2014.

The report provides information in the most typical forms of complaints for every single item, the control of complaints, and median financial relief. Regarding the 250,200 complaints gotten in 2014, around 67% had been gotten through the CFPB’s web site, 9% via phone calls, 15% via recommendations off their agencies and regulators, and also the stability via mail, fax and e-mail. On the basis of the CFPB’s break down of the true amount of complaints gotten in each category, business collection agencies (88,300), mortgages (51,200), and credit rating (44,800) accounted for 73% of most 2014 complaints. Commercial collection agency and credit rating complaints had the biggest increases from 2013 (if the true wide range of complaints gotten had been, correspondingly, 31,100 and 24,200). Additionally, whilst in 2013 the CFPB received probably the most complaints about mortgages, it received substantially more complaints in 2014 about commercial collection agency than mortgages.

37% of this commercial collection agency complaints involved proceeded tries to gather debts maybe maybe maybe perhaps not owed (with numerous asserting that the total amount sought ended up being inaccurate or unjust), 20% involved communication strategies, 13% included financial obligation validation (such as for instance perhaps perhaps perhaps not getting sufficient information to confirm your debt), and 12% involved using or threatening action that is illegal. (more…)