The debt collection industry serves a vital role in America’s credit based economy. The industry is filled with hard working Americans that interact with millions of consumers regarding the most sensitive of issues, their finances.
As part of National Consumer Protection Week, Colorado Attorney General Cynthia Coffman released the top complaints submitted to the state’s Consumer Protection Section. The Colorado Statesman reported that “debt collection companies accounted for 977 of the calls last year, including complaints about harassment and disputes over amounts and whether a debt is actually owed.” These numbers are presented with shockingly little context to provide any real basis for comparison or understanding.
Of the total 8,707 complaints received by Colorado’s Consumer Protection Section, debt collection complaints account for only 11 percent of the overall complaints. Furthermore, those 977 complaints represent only 0.01 percent of Colorado’s total population. Overall, these complaints represent a remarkably small percentage of the population and can be interpreted as debt collectors operating in Colorado effectively and mindfully demonstrating their commitment to compliance.