Debt Collection is the Consumer Financial Protection Bureau’s most common complaint

drawing4At the end of each month the Consumer Financial Protection Bureau (CFPB) posts statistics about the most common complaints for the prior month.  Not surprising is that debt collection calls remain are the most common complaint the CFPB receives.

According to the CFPB,

“For January 2017, debt collection was the most-complained-about financial product or service. Of the approximately 29,000 complaints handled in January, there were 7,730 complaints about debt collection. The second most-complained-about consumer product was student loans, which accounted for 5,389 complaints. The third most-complained-about financial product or service was credit reporting, accounting for 4,620 complaints.”

According to CFPB statistics, one in four consumers felt threatened by debt collectors.  According to the Fair Debt Collection Act (FDCA), debt collection agencies are required to stop contacting debtors upon proper request.  However, a majority of Debt Collection Agencies violate the provisions of FDCA.

Geraci Law L.L.C. knows how difficult debt collectors can be, especially payday loan stores.  Do you have problems with debt?  The Peter Francis Geraci Law Bankruptcy and Injury offices can help you consolidate, negotiate or eliminate your debt.  Call 1-800-CALL-PFG to speak to a counselor for immediate assistance.