Collection Complaints Resources
With the Consumer Financial Protection Bureau (CFPB) now actively handling debt collection complaints, ARM companies must have in place a defined process for dealing with inbound complaints, including resolution plans. And all of this while the FTC still runs up its totals.
Below, you will find a live feed from Consumer Response, the CFPB’s complaints database, of debt collection complaints that have reached the criteria for publication. Further down, there are additional resources and guidance on handling complaint flows.
Debt Collection Complaints Resources
Register your company with CFPB complaints system, Consumer Response (Required for ALL ARM companies)
CFPB Company Portal Manual for consumer complaints portal (May 2015) - The Consumer Response Company Portal serves as the primary interface between the CFPB and companies in dealing with complaints. Through the Portal, users can view and respond to complaints submitted by consumers and respond to requests for additional information from Consumer Response Investigations. This manual is intended to help companies navigate the portal.
CFPB Complaint Response Guidance (June 2013) - This guidance supplements the Company Portal Manual, providing recommendations for documenting and responding to your consumers’ complaints based on CFPB best practice observations. Both general response guidance as well as product-specific guidance are included. To date, we are not aware of an updated version of this document, however the current Company Portal Manual itself has been expanded significantly since the date of this guidance document.
Final Policy Statement on CFPB's Disclosure of Consumer Complaints Data (Federal Register - April 2013) - The CFPB issued this final policy statement to provide guidance on how the Bureau plans to exercise its discretion to publicly disclose certain consumer complaint data that do not include personally identifiable consumer information, but will include information on debt collection businesses named in the complaint.
CFPB Consumer Response 2014 Annual Report (March 2015) - A report published by the CFPB using data it has collected from consumers logging complaints from January 1 through December 31, 2014, as well as a historical overview. The comprehensive report contains a section on debt collection complaints, as well as sections on all of the industries and financial sectors it regulates.
CFPB's Snapshot of Complaints Received (July 2014) - A report published by the CFPB using data it has collected from consumers logging complaints between July 21, 2011 and June 30, 2014. The comprehensive report contains a section on debt collection complaints, as well as sections on all of the industries and financial sectors it regulates.
U.S. PIRG Education Fund report: Debt Collectors, Debt Complaints (February 2014) - Published by the U.S. Public Interest Research Group's Education Fund, this report analyzes and displays debt collection complaint data from the CFPB through mid-January 2014. In addition to extensive data, the report makes a number of recommendations for the CFPB's complaint system that could benefit consumers and ARM firms.
To the Point: CFPB Collection Complaints (January 2014) - It's a lot of work for any collection agency, big or small, to address its complaint management system (CMS) and keep up with the latest compliance demands. In this report, written from a webinar conducted in Jan. 2014, insideARM's panel of experts give best practices and guidance on setting up a CMS that will meet with CFPB approval and look at how complaint data being collected now will impact ARM rules for years to come.