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October 9, 2017

A few things to know about debt collectors

The Consumer Financial Protection Bureau says more consumers complain to the CFPB about debt collection than any other financial product or service. Debt collection is a multi-billion dollar industry affecting 70 million consumers. People are most often contacted about medical and credit card debt.

The Federal Trade Commission, which enforces the Fair Debt Collection Practices Act, also said debt collectors generate more complaints to its offices than any other industry. While many debt collectors are careful to comply with consumer protection laws, some engage in illegal practices.

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