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CFPB Reports Over 84K Collection Complaints Handled in 2017

  • Written by Kate Berry of American Banker

complaintThe Consumer Financial Protection Bureau handled 84,500 debt collection complaints in 2017 and consumers viewed or downloaded information 838,255 times from the agency's web site last year on how to negotiate a settlement with a debt collector.

In a joint annual report to Congress released Tuesday with the Federal Trade Commission about debt collection practices, the CFPB said it had initiated four enforcement actions last year, had resolved one case and has five others pending related to unlawful debt collection practices.

Acting CFPB Director Mick Mulvaney has indicated that debt collection will be a top priority for the agency. About 26% of consumers with a credit file have debt that is being collected by a third party, the CFPB said.


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