For the first time since the CFPB began collecting complaints in July 2011, the agency's consumer complaint snapshot reported that debt collection surpassed mortgages as the most complained about product or service.
The March 2016 snapshot, released Tuesday, showed debt collection complaints accounted for 26% of the total cumulative complaints received by the agency. The most common debt collection complaint was related to collection attempts on debt that consumers reported was not owed.
"The report shows that inaccurate information about debts continues to be a source of frustration for many consumers," CFPB Director Richard Cordray said. "We will continue to hold debt collectors accountable for ensuring that they are collecting the right amount from the right person."
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