Consumer litigation filings under the FDCPA and TCPA also declined at end of third quarter.
10/30/2019 9:00
Complaints to the Consumer Financial Protection Bureau declined by significant margins as the third quarter of the year ended, according to the latest monthly report from WebRecon CEO Jack Gordon.
Data on the complaints to the CFPB show a 12.3% drop year-to-date, or from 40,985 between January and September 2018 to 35,931 between January and September this year, according to the report.
Monthly complaints declined 6.7%, from 4,280 in August to 3,995 in September, and the accounts receivable management industry continues its strong response to consumers with 97% of responses reported in a timely manner.
Data on consumer litigation filings in the report also reflect significant declines in Fair Debt Collection Practices Act and Telephone Consumer Protection Act cases. Fair Credit Reporting Act cases did increase.
Year-to-date filings (comparing filings from Jan. 1, 2018, through Sept. 30, 2019, to filings from Jan. 1, 2019, through Sept. 30, 2019) include:
- A 9.4% decline for the FDCPA from 7,022 in 2018 to 6,365 in 2019
- A 7.2% increase for the FCRA from 3,477 in 2018 to 3,727 in 2019
- A 14.7% decline for the TCPA from 2,955 in 2018 to 2,521 in 2019.
The monthly numbers for September include increases of 4.1% for the FCRA and 0.5% for the FDCPA; and a 10.2% decline for the TCPA.