Breaking Down Consumer Debt Collection Complaints

first_imgHome / Daily Dose / Breaking Down Consumer Debt Collection Complaints The Bureau of Consumer Financial Protection (formerly the Consumer Financial Protection Bureau) has released a new Complaint Snapshot, exploring consumer complaints regarding modern debt-collection practices. The Bureau has received approximately 400,500 debt collection complaints since July 2011, amounting to 27 percent of the total complaints the bureau has received during that time period.The most complained-about category in March 2018 was “credit or consumer reporting,” accounting for 37 percent of the 30,300 complaints received during that month. Debt collection came in second, accounting for 27 percent of total complaints. Mortgage complaints came in third at around 10 percent of total complaints.Credit or consumer reporting, debt collection, and mortgage were the top three most complained-about consumer financial products and services, collectively representing approximately 74 percent of complaints submitted in March 2018, according to the BCFP.The BCFP registered a total of 8,265 debt collection complaints in March 2018, up 14 percent month-over-month. The rolling 24-month average for debt collection complaints was 7,236. BCFP mortgage complaints in March totaled 2,804, an 11 percent month-over-month increase. The rolling 24-month average for mortgage complaints was 3,444.States with the greatest complaint volume percentage increase from January 2017 – March 2017 to January 2018 – March 2018 were Mississippi (30 percent), Alaska (29 percent), and Louisiana (18 percent). The states showing the greatest decrease in complaint volume during those time periods were  South Dakota (-53 percent), North Dakota (-47 percent), and Maine (-41 percent).During that window of time, Florida had the greatest complaint volume percentage increase of the five most populated states, coming in at 11 percent. Pennsylvania showcased the biggest decrease at -9 percent.When it comes to the types of debt collection practices consumers complain about most, the BCFP reports that “attempts to collect a debt not owed” leads the pack at 39 percent. Seventeen percent of complaints involved issues about written notifications of debt, or not receiving such. “Communication tactics” also accounted for 17 percent of complaints, followed by “took of threatened to take negative or legal action” at 11 percent, “false statements or representation” at 10 percent, and “threatened to contact someone or share information improperly” at 6 percent.To read the full BCFP Complaint Snapshot, click here. Subscribe  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago BCFP CFPB Consumer Debt debt Debt Collection 2018-06-02 David Wharton The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago June 2, 2018 2,100 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago David Wharton, Managing Editor at the Five Star Institute, is a graduate of the University of Texas at Arlington, where he received his B.A. in English and minored in Journalism. Wharton has over 16 years’ experience in journalism and previously worked at Thomson Reuters, a multinational mass media and information firm, as Associate Content Editor, focusing on producing media content related to tax and accounting principles and government rules and regulations for accounting professionals. Wharton has an extensive and diversified portfolio of freelance material, with published contributions in both online and print media publications. Wharton and his family currently reside in Arlington, Texas. He can be reached at [email protected] Share Save Breaking Down Consumer Debt Collection Complaintscenter_img Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Government, Journal, Market Studies, News Previous: Wells Fargo Grants Support Sustainable Housing for Veterans Next: Tech Hubs Attract Employee Migration Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Demand Propels Home Prices Upward 2 days ago About Author: David Wharton Tagged with: BCFP CFPB Consumer Debt debt Debt Collection Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

Phish Fans To Receive “Cosmic Wristbands” For Tonight’s NYE Gag

first_imgWe’re heading into the fourth night of Phish at Madison Square Garden, and the only question left to ask is of what tonight will bring. Beyond the setlist, there is the annual New Year’s Eve “gag” where the members of Phish will inevitably blow minds with whatever stunt they have planned to welcome 2018. There are rumors, there are an impressive amount of new lights, but the only concrete information we now have is that there will also be light-up wristbands.In an e-mail sent out to ticket-buyers this morning, which suggests that tonight’s theme will include universal discovery, Phish instructs fans to retrieve wristbands and wear them for the evening’s festivities. The wristbands will activate at midnight, with better functioning when in proximity to the assigned seat.Following the epic “Harpua” from “Jimmies” night, the “lumps in the cosmic gravy” will predictably be explored in more detail this evening. With Kuroda’s new 360° lights–resembling a space craft, but also a donut–the “World’s Most Famous Arena” will most likely transform into a new dimension tonight. Remember, the universe, too, is shaped like a donut.Read the full message below:“You have been selected to ring in the new year as the first travelers to explore the universe by cosmic wristband. You’ll find this wristband when you arrive at your seat (or when you enter the venue for GA ticket holders). Please be considerate of other fans and take only the one wristband given to you.The countdown has begun, and your vessel is about to embark on its voyage of discovery. Because of the incredible power of your wristband, your trip is short. Your wristband will not activate till close to midnight, so don’t worry if it’s not functioning yet when you first put it on… The closer you are standing to your actual seat at midnight, the better your wristband will work.”This is all the information we have. Your guesses are as good as ours. Enjoy the show, and stay in your seat!last_img read more