Debt Collection Complaint Average Continues to Decline

chartAs an ethical and professional company within the debt collection industry, we here at CCS were very pleased to see that, according to the Consumer Financial Protection Bureau, consumer debt collection complaints have declined over the last six months. This is great news for the industry; what is not so great is the manner in which the CFPB reports on the data they collect.

As detailed in this article, ACA International (The Association of Credit and Collection Professionals) is very concerned about the Consumer Financial Protection Bureau’s flawed consumer complaint handling process. Some examples:

  • Since 2012, the CFPB has been sharing individual-level complaint data on their website.
  • In 2015, they began providing consumers with the option to include “complaint narratives” for publication in the Consumer Complaint Database.
  • CFPB’s monthly complaint reports now include a list of the “most-complained-about-companies” based on raw number of complaints.

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CCS Attends CFPB Field Hearing

A CFPB debt collection field hearing was held in Sacramento on July 28, 2016On July 28, our own Rodney Meeks, CEO of Credit Consulting Services, attended a Consumer Financial Protection Bureau (CFPB) debt collection field hearing in Sacramento in an effort to humanize the collection industry and put a face on companies like CCS. He talked about our employees, our relationships with our clients, and our involvement in the community, in an effort to enlighten the CFPB on the true nature of legitimate collection agencies. The CFPB is expected to release an outline of proposals under consideration for debt collection rulemaking.
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