Debt Relief Industry

CFPB to Begin Accepting Debt Relief Complaints. Game Changer.

Written by Steve Rhode

A source from the CFPB has reveled that the CFPB will begin to accept complaints from consumers in 2014, and most likely by summer 2014.

This means debt relief companies will most likely be in the same boat as other entities the CFPB supervises when it comes to identifying what specific company is generating complaints.

Consumer complaints filed will most likely follow the same public reporting format as other financial niches the CFPB currently accepts complaints on.

Once consumer complaints are accepted for the debt relief field, companies should expect for complaints to appear similar to this recent debt collection company complaint.

Representative CFPB debt collection company complaint.

Representative CFPB debt collection company complaint.

This reporting will assist consumers to have more public data available about the number and type of complaints that have been filed on the debt relief business sector and individual companies.

This upcoming public reporting may be just the impetus debt relief companies need to pay much more attention to dealing with consumer issues and not letting them escalate to the complaint stage.

Certainly myself and others will regularly review the public data when it is available and report on it.

Up until now, except for some websites that accept consumer complaints, there has been little transparency about the type and volume on consumer issues with any particular debt relief company.

If you do not currently have a quality assurance or exceptional customer service department in place now, may I suggest this might be the perfect time to get it going before the CFPB make a formal announcement and starts accepting and publishing consumer complaints.

This step by the CFPB may provide significant help to slow down those debt relief companies who have engaged in the “pump them and dump them” business plan. At the very least it will quickly show an escalation in complaints that may require attention.

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The CFPB makes complaint data easily and publicly accessible in a number of formats. Data is available by complaint sector, click here.

For example, any site will be able to embed and present the data to any site visitor like this:

And embedded data can be filtered, visualized, or downloaded in a number of formats.

This public access complaint database has the potential of becoming a game changer for the debt relief field since it makes consumer feedback much more transparent.


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About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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