CFPB Report on Debt Collection Industry Released
The Consumer Financial Protection Bureau (CFPB) issued an annual report that examines the debt collection industry, consumer complaints, supervisory activities, enforcement actions, and consumer education and initiatives. The CFPB just issued its fourth annual report and here are some of the highlights:
- Common violations of debt collectors include: inconvenient phone calls, misleading representation in collection litigation, threats of litigation, and false statements in collection letters.
- Reports that a debt collection company is taking or threatening to take an illegal action constituted 12 percent of the consumer complaints handled by the CFPB in 2014.
- In 2014, there were 7 public law enforcement actions taken against debt collection, which has resulted in over $570 million paid to wronged consumers.
If you are facing a debt collection lawsuit or the threat of a lawsuit, contact an attorney who can defend your rights. Often, as the CFPB has discovered, debt collectors are using inadequate evidence or making misleading representations in collection litigation. An attorney can identify when this is happening and defend you.