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CFPB Monthly Complaints Snapshot Focuses on Debt Collection, Florida
On Tuesday, March 29, 2016, the CFPB released its latest monthly consumer complaint snapshot, focusing this month on debt collection and the state of Florida. The Bureau received 834,400 complaints across all covered products as of March 1, 2016, of which debt collection complaints represent 26 percent (or 219,200).
The most frequent complaints included continued attempts to collect debt not owed (38 percent), communication tactics (19 percent) and disclosure verification of debt (14 percent). The most complained about debt collection companies were Encore Capital Group and Portfolio Recovery Associates, two large debt buying firms averaging over 100 complaints per month during the fourth quarter of 2015. In contrast, the three large credit bureaus - TransUnion, Experian, and Equifax – received the most complaints overall during the same period.