The CFPB has released its first in a series of new monthly reports on consumer complaints. The CFPB says that the purpose of these reports is to identify trends with respect to volume, product type, and geographic region. Each report will also highlight a particular product and geographic location. This month focuses on debt collection and consumers in Milwaukee, Wisconsin.
The Bureau reported that in June 2015, debt collection was the most frequently complained about product or service, representing over 7,400 of the 23,400 complaints handled (32%). Mortgages and credit reporting came in second and third, respectively. Complaints regarding consumer loans showed the greatest percentage increase in volume from this time last year.
A CFPB Press Release adds that the most frequent debt collection complaints it received were about continued attempts to collect debts that consumers contend are not owed and debt collection communication tactics, including being “contacted too frequently or at inconvenient times of the day.” As for complaints in Milwaukee, debt collection was, as in the rest of the country, the most frequent complaint.
The Bureau concluded by reminding companies that it expects them “to respond to complaints sent to them within 15 days” and that if “a complaint cannot be closed within 15 days, the company may indicate that its work on the complaint is ‘In progress’ and provide a final response within 60 days.”