Thursday, July 28, 2016

Three-Month Debt Collection Complaint Average Continues to Decline

The latest Consumer Financial Protection Bureau's monthly complaint snapshot focused on credit card complaints, which increased from May to June 2016.The three-month average for debt collection complaints declined for the second month in a row, according to the Consumer Financial Protection Bureau’s latest monthly complaint snapshot released on July 27, 2016. The three-month average of debt collection complaints from April to June 2016 declined 3 percent to 7,063, compared to 7,265 in April to June 2015. The average recorded in the May report also declined. The three-month average for debt collection complaints from March to May this year was 7,415, compared to 7,442 this time last year, ACA International previously reported. According to the report, the CFPB received 7,032 debt collection complaints in June. Debt collection represented 29 percent of the approximately 24,500 complaints submitted in June–the same percentage as reported in May. Overall, the CFPB has handled a total of approximately 930,700 complaints as of July 1, 2016, according to the report; the CFPB has received a total of 248,278 complaints on debt collection. More info here.

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