The CFPB recently released its findings from its Survey of Consumer Views on Debt. The report is of limited value as it contains a relatively small sampling of consumers. 10,876 consumers were selected based on de-identified consumer records provided by one of the three major consumer reporting agencies. Of those, only 20% participated, yielding a sampling of 2,132 consumers. Moreover, to “ensure that the survey included a sufficient number of responses from consumers who had experienced debt collection, credit records with a recent 60-day delinquency on a loan, a reported collection, or both as of September 2014 were sampled at a higher rate than other records.” Consumer Experiences with Debt Collection, p. 8. Be that as it may, the findings provide some insight as to how the CFPB is approaching debt collection as it continues to fashion its debt collection rules. Here are our key takeaways:
The Findings, as well as the Survey are available on the CFPB website.