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CFPB Releases Report about Consumers’ Debt Collection Experiences

Richard Cordray
Richard Cordray
On January 12th, the CFPB released a controversial report entitled, “Consumers Experiences with Debt Collection” which highlights consumers’ views and experiences regarding debt collection.

According to the report:

· Debt collection is a $13.7 billion industry affecting 70 million consumers;

· More than half of consumers report being incorrectly contacted for at least one debt;

· 27 percent of consumers reported threatening contact from debt collectors;

· 33 percent of consumers reported being contacted at inappropriate times;  

· One in seven consumers reported being sued over a debt.

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