Consumer complaints against debt collection agencies has become the ARM industry’s most visible data point in recent years. The eye-popping numbers are widely circulated in national and regional press and used to paint a sometimes-unfair picture of debt collection industry practices.
When the CFPB takes over responsibility for debt collection complaints, that image is not likely to improve, based on data already being collected on credit card complaints.
If there is no attempt to resolve or even verify the accuracy of reported complaints, then what good is the data? However, this unverified data is used by consumer advocacy groups to attack the ARM industry and also by many politicians as a reason to promote more legislation.