Credit unions not ID’d in CFPB debt collection survey

The Consumer Financial Protection Bureau (CFPB) released the results of its survey on debt collection Thursday, prior to its discussion on the same topic. The survey, which consisted of 53 questions about first- and third-party debt collection, does not specifically identify credit unions.

During the discussion itself, CFPB Director Richard Cordray noted that the statistics also indicate that many debt collectors and creditors follow the law and use appropriate practices.

Credit union members report high levels of satisfaction, as recently outlined in Consumer Reports, which found credit unions are among the highest-rated services evaluated. Credit unions saw 93% of their members/customers highly satisfied, while the 4 largest banks saw 69%.

In its survey, the CFPB identified a number of consumer preferences and concerns, and highlighted some differences when comparing collections for creditors and collectors.

 

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