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Debt Collection Industry Lauds CFPB's Efforts to Eliminate Some Ambiguity Related to the Consumer Complaint Database

Director Kraninger released details about new disclaimers and instructions expected to guide consumers when they provide feedback using the database

WASHINGTON, Sept. 18, 2019 /PRNewswire/ -- ACA International, the leading voice of the accounts receivable management industry, supports the Consumer Financial Protection Bureau's efforts to provide clarity and updates related to filing complaints through the Consumer Complaint Database.

ACA INTERNATIONAL. (PRNewsFoto/ACA INTERNATIONAL)

In response to CFPB Director Kathy Kraninger's release of enhancements to the Consumer Complaint Database, ACA International CEO Mark Neeb said: "The CFPB's thoughtful attention to improving the complaint process will help consumers be more informed about their options, and how to take appropriate steps for resolving inquires, as opposed to actual complaints. ACA has long maintained the complaint data is flawed and a more accurate reporting of complaints would better serve both consumers and the industry. The CFPB's actions today are step in the right direction to provide more transparency and accuracy to the process, and we urge it to move forward with putting complaint data in context of other data, such as by incorporating product or service market share and company size."

In 2018, ACA submitted comments to the CFPB outlining members' views on Public Reporting Practices of Consumer Complaint Information, in particular the accuracy of complaints, verification processes and public availability of the bureau's consumer complaint database.

Overall, ACA is encouraged by the changes and will continue to work with the CFPB as it updates the Consumer Complaint Database.

The CFPB said it will explore expansion of a company's ability to respond publicly to individual complaints in the database, among other enhancements, in the coming months.

ACA International (ACA), the association of credit and collection professionals, is the largest membership organization in the credit and collection industry. Founded in 1939, ACA brings together third-party collection agencies, law firms, asset buying companies, creditors and vendor affiliates, representing tens of thousands of industry professionals. ACA produces a wide variety of products, services and publications, including educational and compliance-related information; and articulates the value of the credit and collection industry to businesses, policymakers and consumers. www.acainternational.org.

Contact: Kim Coghill
VP Communications
ACA International
202-374-7535
Coghill@acainternational.org

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/debt-collection-industry-lauds-cfpbs-efforts-to-eliminate-some-ambiguity-related-to-the-consumer-complaint-database-300921038.html

SOURCE ACA International

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