Debt Collection Complaints Now Being Accepted by CFPB

The Consumer Financial Protection Bureau announced today that it is taking complaints about debt collection as of 9 a.m. Wednesday, July 10. The CFPB can accept complaints from consumers experiencing debt collection problems related to any consumer debt, including credit card debt, mortgages, auto loans, medical bills, and student loans.

Consumers can submit a complaint to the CFPB against any company collecting a consumer debt from them. Consumers can choose to also file a second, separate complaint against the original creditor. If consumers submit their debt collection complaint through the CFPB website, they will be using an intake system that is newly designed to improve the user’s experience.

The CFPB has been taking consumer complaints since launching on July 21, 2011, beginning with credit card complaints, and also accepts complaints about mortgages, bank accounts and services, private student loans, consumer loans, credit reporting, and money transfers.

The Bureau requests that all companies respond to complaints within 15 days with the steps they have taken or plan to take, and expects all but the most complicated complaints to be closed in 60 days. Consumers are given a tracking number after submitting a complaint and can check the status of their complaint by logging on to the CFPB website.

Debt collection agencies should register to receive complaint notifications at http://www.consumerfinance.gov/company-signup/. The CFPB will verify the company in a follow up phone call after it has registered.

Wednesday’s announcement comes on the same day as a major document release by the CFPB on the topic of debt collection. Read insideARM’s coverage of the very busy day.