The Credit Pros Highlights Latest Findings from CFPB Servicemembers Report

The Credit Pros Highlights Latest Findings from CFPB Servicemembers Report. The newest report cites debt collection complaints, along with inaccurate information being reported by credit reporting agencies.
 
 
Jason Kaplan, Esq.
Jason Kaplan, Esq.
 
Spread the Word
Listed Under

Tags:
Credit Scores
Servicemembers
The Credit Pros
CFPB
Jason Kaplan

Industrys:
Consumer
Legal

Location:
Newark - New Jersey - US

Subject:
Reports

NEWARK, N.J. - May 4, 2015 - PRLog -- The Credit Pros is releasing new data from the latest Consumer Financial Protection Bureau (CFPB) report showing that debt collection complaints have continued to rise since the last report. The agency reports that debt collection complaints now make up 39 percent of the total complaints with the largest category issuing from the military community. This continues to be a significant problem for the military community that has been highlighted in the past.

Servicemembers are primarily not being provided with their Servicemembers Civil Relief Act rights. Other areas of concern include student loans with 49 percent of the complaints dealing with lenders and servicers. Among consumers, the new report shows that 72 percent of complaints stem from incorrect information found on individual credit reports.

In years’ past, the majority of complaints were made up of long-standing trends, such as servicemembers complaining about being overcharged for account fees and penalties. Since service men and women frequently have to move to new areas with very little warning, they are often more at risk for this type of abuse. The CFPB regularly receives complaints from servicemembers and their families who have been erroneously assessed credit card and bank account fees.

The Credit Pros spokesperson, JASON KAPLAN, ESQ comments, “At The Credit Pros, we believe it’s unfortunate that debt collection companies and the consumer credit bureaus, which include Equifax, TransUnion and Experian, are having a hard time getting their act together. The high number of complaints about excessive fees and incorrect reporting shows that these problems are not going to just go away. The Credit Pros and the entire credit repair industry are fighting against these injustices.”

Kaplan goes on to say, “Millions of Americans are being harmed by inaccurate information on credit files and it is costing hard working citizens billions of dollars annually. The credit bureaus and collection companies spend a lot of time and money trying to convince America that credit repair is the problem.  In reality, if we did not exist the problem would be worse.”

The CFPB is a government organization with no agenda except to report the facts about collection companies and credit bureaus. They strive to help servicemembers and consumers who have been damaged by inaccurate reporting and excessive fees.

The full CFPB report can be found at:

http://files.consumerfinance.gov/f/201504_cfpb_snapshot-o...

About The Credit Pros

The Credit Pros works with consumers to help them identify problems on their credit report and get those repaired. They offer a wide range of services from one-on-one consultation to Cease and Desist Letters to Creditors. The company has a strong background in credit reporting and has helped thousands of consumers restore their good credit with disputes, debt validation letters to creditors and Goodwill letters to creditors. They are registered and bonded and have monthly plans, as well as per-deletion plans.

Contact
Taurean Casey
***@thecreditpros.com
End
Email:***@thecreditpros.com Email Verified
Tags:Credit Scores, Servicemembers, The Credit Pros, CFPB, Jason Kaplan
Industry:Consumer, Legal
Location:Newark - New Jersey - United States
Subject:Reports
Account Email Address Verified     Account Phone Number Verified     Disclaimer     Report Abuse
The Credit Pros PRs
Trending News
Most Viewed
Top Daily News



Like PRLog?
9K2K1K
Click to Share