Predatory debt collection has increased dramatically in recent years. The Federal Trade Commission received 13,950 complaints about debt collectors in 2000. By 2011 the number had risen to 180,928.
Not all debt collection agencies will come under the CFPB’s scrutiny. Of the 4,500 companies now operating in the U.S., only those making $10 million a year (about 175 businesses) will be monitored. But these 175 companies account for 63% of all collections each year by the industry.
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