Debt Collection Complaints Skyrocketing (Picture)
As Debt Collection Complaints Rise, Greater Regulatory Scrutiny Follows
Banking Analytics
It is no secret that debt collection practices are under increasing regulatory scrutiny. And with three recent reports revealing a rise in consumer complaints related to debt management, it’s a safe bet that state and federal regulators will continue to keep a close eye on the collections industry.
In 2013, according to the Federal Trade Commission (FTC), debt collection had the second-highest number of all consumer complaints reported. Each year, the FTC releases a summary report detailing the complaints reported to its Consumer Sentinel Network (CSN), an online database available only to law enforcement. Last year, the CSN received more than 2 million consumer complaints from numerous federal and state agencies, US and Canadian Better Business Bureaus, and consumer organizations.
The FTC report also revealed that the number of debt collection complaints (10%) was the second highest, behind only identity theft (14%). However, identity theft complaints had declined a significant 20% from 2012, while debt complaints rose by 2.5%. In addition, the report’s state-by-state breakdown shows that in nearly every state, debt collection complaints were either the highest or second-most reported category.
A recent study by US PIRG Education of consumer complaints to the Consumer Financial Protection Bureau (CFPB) also reinforced the growing frequency of debt collection complaints from consumers.
Looking at July 2013—when the Bureau began receiving debt collection complaints—through January 16, 2014, PIRG noted that debt collection represented the second-highest volume of complaints behind those related to mortgage. During that timeframe, the CFPB received an average of 2,000 debt collection complaints per month. MOREHERE
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