Debt and credit related complaints dominate FTC’s top ten

In 2009, “Identity Theft” accounted for 21% of all complaints filed with the Federal Trade Commission.  Number two was “Third Party and Creditor Debt Collection” which totaled 9% of all complaints (119,549).  “Credit card” complaints come in 7th (3%) followed closely by “Advance fee loans and credit protection/repair” (number 9).  Number 10 is “Banks and Lenders” and 11 is “Credit Bureaus, information users and reporting services” — both 2%.

Totaling it up, almost two out of every five complaints received by FTC in 2009 had to do with debt or credit.  And the financial industry argues that we do not need a financial consumer protection agency!

You can see the entire list of credit and debt complaints in the Consumer Sentinel Network workbook of the FTC.

The Federal Trade Commission is charged with preventing fraudulent, deceptive, and unfair business practices and to provide information to help spot, stop, and avoid them. To file a complaint in English or Spanish, click here to the FTC’s online Complaint Assistant or call 1-877-382-4357.

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