July consumer litigation filings, however, mark increase for the first time since January.
8/14/2019 14:00
Complaints to the Consumer Financial Protection Bureau dropped in July, resulting in a 16.7% year-to-date decline, the latest monthly report from WebRecon shows.
While complaints are expected to fluctuate, the year-to-date data reveals 32,822 complaints filed with the CFPB from January to July 2018, compared to 27,344 from January through July this year.
Monthly complaints declined 8.6% from 4,091 in June to 3,741 in July and the accounts receivable management industry continues its strong response to consumers with 96% of responses reported in a timely manner, according to the report from CEO Jack Gordon.
Looking at consumer litigation numbers for the midsummer, Gordon found that monthly filings increased in July for the first time since January, while the year-to-date numbers fluctuated.
“Everything litigation-related moved up in July for the first time since January. FDCPA, TCPA and FCRA were all up between 11%-16% over the previous month,” according to Gordon.
Year-to-date filings (comparing filings from Jan. 1, 2018 through July 31, 2018 to filings from Jan. 1, 2019 through July 31, 2019) include:
- A 7% decline for the FDCPA from 5,474 in 2018 to 5,090 in 2019
- A 6.5% increase for the FCRA from 2,705 in 2018 to 2,882 in 2019
- A 12.4% decline for the TCPA from 2,344 in 2018 to 2,053 in 2019.
The monthly numbers for July include increases of 15.3% for the FDCPA; 15.4% for the FCRA; and 11.3% for the TCPA.