Wednesday, January 7, 2015

The top complaint received by the Consumer Financial Protection Bureau

Consumer Financial Protection Bureau (CFPB)

Creating the Consumer Bureau

Beginning in 2007, the United States faced the most severe financial
crisis since the Great Depression. Millions of Americans saw their home
values drop, their savings shrink, their jobs eliminated, and their
small businesses lose financing. Credit dried up, and countless consumer
loans—many improperly made to begin with—went into default. Today, we're
still in the process of recovering.

In July 2010, Congress passed and President Obama signed the Dodd-Frank
Wall Street Reform and Consumer Protection Act. The Act created the
Consumer Financial Protection Bureau (CFPB). The CFPB consolidates most
Federal consumer financial protection authority in one place. The
consumer bureau is focused on one goal: watching out for American
consumers in the market for consumer financial products and services.


Consumer Financial Protection Bureau
December 11, 2014
Consumer Advisory: 7 ways to keep medical debt in check
By Gail Hillebrand

Debt collection is the top complaint we've received since September
2013. Out of all debt types, medical collections make up 52 percent of
collection accounts on credit reports, far outpacing all other types of

Medical collections are so widespread, that an estimated 43 million
consumers with an account in collection have medical debt. We analyzed
medical collections in our latest report, to explain why medical debt is
affecting so many more credit reports than any other type of debt.


Comment by Don McCanne

In the financial crisis of the recent Great Recession, people lost their
jobs, lost their homes, lost their savings, and their consumer loans
went into default. The role of Wall Street compounded and sometimes even
created these problems, and that led to greater increases in income and
wealth inequality that have adversely impacted America's working
families. In response, Elizabeth Warren, Barney Frank, Chris Dodd and
others were instrumental in establishing the Consumer Financial
Protection Bureau. So what is the number one complaint that the bureau
is now receiving? Medical debt!!

Specifically, debt collection is the top complaint, and medical
collections, at 52 percent of collection accounts on credit reports, far
outpace all other types of debt.

With first dollar coverage under a single payer system, this problem
would disappear. Let's do it.

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