anonymous

ARM Industry Claims Continued to Plummet in October

bar chart decreasingLitigation continued to slide for the FDCPA, TCPA and FCRA, as did monthly consumer complaints to the CFPB, according to the latest report from WebRecon.

12/01/2022 12:15 P.M.

2 minute read

WebRecon’s latest report shows litigation remained low across the board in October in Telephone Consumer Protection Act, Fair Debt Collection Practices Act and Fair Credit Reporting Act cases.

FDCPA suits decreased 7.2% from September to October, TCPA suits decreased 2.2%, FCRA cases decreased 9.2%, while consumer complaints to the CFPB increased 2.8%, according to WebRecon.

Here is a breakdown of claims under accounts receivable management industry laws as well as CFPB complaints for October.

Fair Debt Collection Practices Act

FDCPA claims decreased by 7.2% to 283 in October compared to 305 in September. Compared to claims from Jan. 1 through Oct. 31, 2021, FDCPA claims declined 30%, from 5,654 to 3,960, during the same period this year.

Telephone Consumer Protection Act

TCPA claims decreased by 2.2% to 132 in October compared to 135 in September. Compared to claims from Jan. 1 through Oct. 31, 2021, TCPA claims declined 14.2%, from 1,512 to 1,297, during the same period this year.

Fair Credit Reporting Act

FCRA claims decreased by 9.2% to 422 in October compared to 465 in September. Compared to claims from Jan. 1 through Oct. 31, 2021, FCRA claims increased 4.3%, from 4,541 to 4,735, during the same period this year.

Consumer Financial Protection Bureau Complaints

Consumer complaints filed with the CFPB increased slightly by 2.8% from 4,705 in October compared to 4,578 in September.

There were 5,824 complaints in October 2021 compared to the 4,705 complaints in October this year—a 19.2% decrease.

The types of debt behind the complaints were:

  • 1,426 Other debt (30%)
  • 1,141 Credit card debt (24%)
  • 972 I do not know (21%)
  • 678 Medical debt (14%)
  • 240 Auto debt (5%)
  • 100 Payday loan debt (2%)
  • 90 Mortgage debt (2%)
  • 35 Federal student loan debt (1%)
  • 23 Private student loan debt (0%)

The most common type of complaint was about attempts to collect debt not owed, at 52% or 2,468 complaints, followed by complaints about written notification about a debt at 18% or 847.

Read the complete WebRecon report here.

If you have executive leadership updates or other member news to share with ACA, contact our communications department at [email protected]. View our publications page for more information and our news submission guidelines here.

Join the Conversation on The Hub

Subscribe to Our Publications

Advertising Media Kit

ACA Events Calendar

Facebook LinkedIn Twitter YouTube Instagram

Advertisement

Benchmarking

Advertisement

Training Zone

This site uses cookies. By continuing to use our site, you are agreeing to our use of cookies. Review our Privacy Policy for more information. You may change your preferences on how cookies are stored by reviewing the settings on your browser.

The content on this site is presented for educational, general reference, and informational purposes only; is not intended to serve as legal or other advice; is not intended to be a full and exhaustive explanation of the law in any area; and should not replace the advice of your own legal counsel. By continuing to use our site, you are agreeing to the legal disclaimers in our Terms of Use. Review our Terms of Use for more information.

Friendly Reminder

Get continued access to ACA International’s wide array of resources, which can help you become more profitable, compliant and successful.

Renew your membership today to take advantage of tools you won’t find anywhere else:

  • Discounts on seminars, products, services and events
  • Resources to strengthen your compliance department
  • Industry-specific risk management products and services
  • Participation in ACA’s online community, The Hub
    Members-only website content
  • Professional development and training opportunities, and so much more!

If you have completed your renewal, please disregard this reminder.