CFPB FDCPA Report to Congress

The Consumer Financial Protection Bureau on April 15 announced it has submitted its annual report to Congress, which summarizes activities of the Fair Debt Collection Practices Act (FDCPA). The report noted that approximately one-third of the 220 million consumers with credit files have collections tradelines (e.g. a bill in collection) on their credit reports. The most common collections tradeline involves allegedly unpaid medical bills. Consumers are far more likely to dispute the accuracy of collections tradelines than of other information contained in their credit reports.