This report looks at the 5,500 loan complaints and 2,300
debt collection complaints received and analyzed by the CFPB Student Loan Ombudsman.
The settlement rates reported by TASC are contrary to what the States have seen repeatedly in the enforcement actions they have taken and in the consumer
complaints they have
received — which is that settling multiple
debts can be a long process and consumers, faced with high fees for the service, growing
debts, and increased
collection efforts from their creditors, realistically should never have been offered the
debt settlement service to begin with.