As 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.