In order to collect and resolve consumer complaints pertaining to debt collection, it is expected that the Consumer Financial Protection Bureau (CFPB) will launch its effort this summer. At the moment CFPB is overseeing consumer complaints and resolution in various financial industries, including credit reporting, credit cards and mortgage. Even though all the details of this new complaint system for debt collection are not known, it will differ largely from the Federal Trade Commission’s (FTC) system that is presently used in terms of resolving and managing consumer complaints. The CFPB complaint database will be designed to give consumers, consumer groups, lawmakers, researchers and media access to complaint data.
Given the detail information, it is expected that the creation of the CFPB complaint resolution process be labor intensive. The names of agencies as well as the consumer complaint details will be made publicly available. However, the only information identifying the consumer will be a ZIP code to protect privacy of the consumers. Agencies will be measured based on timeliness of their responses and the details on resolutions of the complaints by the agency will be available to the public. The CFPB is encouraging all interested parties to analyze and create reports from the data.
The CFPB has presented the complaint resolution process as an important industry performance measure. New details on this new system will be available soon.