For over four years, William was on the hook for over $8,000 worth of credit card debt he didn’t owe. His credit plummeted, debt collectors called him constantly, and when he tried to refinance his home, his application was denied. Then, he learned about the CFPB and submitted a complaint. Within a week, the debt collection attempts stopped.
“Just to have the situation resolved… that just felt good.” William said. “In a situation for me that was seemingly endless and hopeless, the CFPB helped me to find a resolution.”
We’ve handled more than 163,000 debt collection complaints. About one-third of these complaints, like William’s, were about attempts to collect on debt that the consumer asserted they didn’t owe. Since we began accepting complaints about debt collection, it’s been the most complained-about issue each month. That’s why we’re putting the spotlight on debt collection for our first monthly consumer complaint report. These monthly reports will provide a high-level snapshot of complaint trends and analysis, and we believe they can inform the public and anyone interested in the financial marketplace.
Listening to and elevating your voice matters to us because we are a federal agency devoted to protecting consumers. When you speak up, you offer invaluable insight into the financial products and services consumers depend on. Telling us about your experiences helps us to better serve you and make the financial marketplace work for Americans.
The CFPB was established in 2011, following the most severe financial crisis the US has faced since the Great Depression. In years since, we’ve made it a priority to listen to consumers and amplify their voices so that others could be inspired and empowered to take charge of their financial futures.
Over those years, I’ve had the pleasure of meeting the people we serve and have had an opportunity to hear about their experiences firsthand. As I’ve talked with people like William, I’ve seen the purpose and value in people sharing their stories, making their complaints heard, and adding to a larger and powerful conversation fueled by consumers who want to see a fairer financial marketplace.
William spoke up about his problem with debt collectors. But we’ve also heard from:
Many of these success stories started with a consumer submitting a complaint to us. If you have a problem with a financial product or service, tell us about your issue. We’ll forward your complaint to the company and work to get a response about your issue. Sometimes that response can mean fixing an error on a credit report, leaning about other student loan repayment options, or stopping debt collection calls.
Know that by coming to us you aren’t just helping yourself. Each week we send thousands of consumers’ complaints about financial products and services to companies for response. Those complaints are published in our public Consumer Complaint Database. What’s more, with your permission, we’ll publish your complaint alongside all the others we receive, joining your voice with other consumers facing similar challenges. By adding your voice to the more than 10,000 experiences in the database, you help improve the financial marketplace.
Since opening our doors four years ago, consumers like you have shared their experiences with us through more than 650,000 complaints. We’d love to hear from you, too. If you have an issue with a financial service or product, you can submit a complaint and opt to add your voice to the database.