Debt Collectors Inspire The Most Complaints, Say Attorneys General
More complaints were filed last year against debt collectors than any other industry, the National Association of Attorneys General announced Monday.
The group's annual survey of state attorneys general offices identifies the ten industries that generate the most consumer complaints. Auto sales came in second followed by home repair and construction. The top three were unchanged from 2007.
"Debt collectors generate more complaints than any other industry," according to the Federal Trade Commission's Web site.
In a February report on the industry, the FTC cited "major problems" and "recognized that certain debt collection litigation and arbitration practices appear to raise substantial consumer protection issues."
Credit cards were responsible for the fourth-most complaints. In May President Barack Obama signed into law legislation that enacted sweeping reform, to the delight of consumer advocates. Predatory lending and home mortgages came in sixth. Congress is weighing regulatory overhaul in response to the mortgage crisis.