NEW YORK (CNNMoney)
The report, which doesn't name any individual companies that collect on the $1.2 trillion in student debt, was compiled between March and June of this year.
Related: Do any of these practices sound familiar? Tell us about it.
The agency found these companies would charge borrowers late fees on all their loans when payments for one fell short -- even if the rest were paid in full.
The CFPB spotted lots of other little tricks: minimum payments were overstated and late fees got charged to some borrowers even if they made payments within a grace period. Or servicers might fail to provide necessary information borrowers needed to deduct student loan payments from their taxes.
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In more serious cases, some borrowers who fell behind on payments were told they couldn't dismiss their student loans in bankruptcy even though there's a slim possibility in cases of "undue hardship".
Some debt collectors called borrowers at inappropriately early or late times. The CFPB identified 5,000 such calls during its 45-day examination period. One borrower reported got 48 of them.
Related: Abolish my debt too, Occupy Wall Street!
The agency, born of the Dodd-Frank financial reform bill, said in a statement that firms with questionable practices are contacted for corrective measures. In particularly severe cases, it opens investigations.
First Published: October 29, 2014: 7:46 PM ET