Consumers have the right to dispute a debt in collection, and both FTC and CFPB get a lot of complaints that collectors have the wrong debtor or are trying to collect more than what's owed.
But CFPB is looking for better information on how many disputes there are and what they are about:
- Are there good numbers on what percent of consumer debts are disputed? (Maybe these numbers depend on what counts as a “dispute.” See the next subtopic).
- Does the type of debt (for example credit card vs. student loan) make a difference?
- What are the most common things consumers dispute? (For example, someone else owes this debt; debt was already paid; past payments weren’t properly credited; interest or fees are wrong; identify theft) Are consumers usually specific about the problem, or do they just say generally that they dispute the debt?