Last week, the Consumer Financial Protection Bureau (CFPB) released its Monthly Complaint Report for November, which highlights debt collection complaints. The most common category of complaint received is “attempts to collect on a debt that a consumer says is not owed.”
The product with the largest increase in complaints by far is student loans, with a 120% increase over the same period (September – November) in 2015. Much of this increase can be attributed to the fact that in February 2016 the CFPB updated its student loan intake form to accept complaints about Federal student loan servicing. They had previously only reported complaints about private student loans.
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