CFPB’s Consumer Response Annual Report
The CFPB has release its annual Consumer Response Annual Report analyzing complaints handled in 2014. Not surprisingly, the report reveals that the number of complaints increased 53% from 163,700 complaints in 2013 to 250,200 in 2014.
The report outlined the categories and number of the complaints received as follows:
- 88,300 debt collection
- 51,200 mortgages
- 44,800 credit reporting
In 2014, the complaints regarding debt collection activities surpassed complaints about mortgages, which topped the list in 2013. The primary debt collection complaint was that the collector continued to try to collect a debt that was not owed. Other complaints included improper communication tactics, insufficient debt validation, and taking or threatening illegal action.
The section of the report that focuses on credit reporting issues indicates that the CFPB’s examiners will likely be focusing on the following matters:
- Credit report accuracy. The agency is concerned with the large number of complaints regarding inaccurate public records, which includes bankruptcy filings, judgments, and tax liens. Consumers commonly complain about their credit reports not being updated in a timely fashion as well as the difficulty experienced when trying to fix mistakes on their reports.
- Student loan issues. Many student loan borrowers complained about incorrect reporting. Primarily, original student loans were still being reported as open after the loan was transferred to a different servicer. This made it appear that the borrower had more student loans than they actually did.
If you are being harassed by a debt collector or you have errors on your credit report, we can help. Fitzgerald Campbell handles debt collector harassment cases on a “contingency fee” basis, which means you pay us nothing unless we are successful! There is no charge to you for us to represent you. If we win, we will get paid. If we lose, we will not get paid. It is that simple. The law provides that if your case is successful, the creditor or collector will pay your reasonable attorney fees. Call us today toll free at 866-927-8289 or contact us online to schedule a free initial consultation.