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‘From a Slog to a Slump’: ARM Industry Claims Decline in July Across the Board

ARM industry claimsWebRecon breaks down the decline in TCPA and FDCPA litigation filings as well as CFPB complaint trends.

09/07/2022 11:30 A.M.

2 minute read

WebRecon’s latest report shows litigation declined across the board in July in Telephone Consumer Protection Act, Fair Debt Collection Practices Act, Consumer Financial Protection Bureau and Fair Credit Reporting Act cases.

FDCPA suits declined 18.7% from June to July, TCPA suits declined 3.8%, while FCRA cases increased 5.1%, according to WebRecon.

“CFPB complaints also declined 4.6% for the month and are down 15.1% YTD—it seems like that decline is getting steeper as the year goes on,” WebRecon CEO Jack Gordon said in the report. “Last month we talked about the ‘June Litigation Slog’—and now we are extending it to the ‘Dog Days Slump.’”

CFPB complaints declined 4.6% from June to July.

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

Fair Debt Collection Practices Act

FDCPA claims declined by 18.6% to 321 in July compared to 395 in June. Compared to claims from Jan. 1 through July 31, 2021, FDCPA claims declined 23.6% from 3,909 to 2,985 during the same period this year.

Telephone Consumer Protection Act

TCPA claims declined by 3.8% to 126 in July compared to 131 in June. Compared to claims from Jan. 1 through July 30, 2021, TCPA claims declined 26.1% from 859 to 1162 during the same period this year.

Fair Credit Reporting Act

FCRA claims decreased by 5.1% to 443 in July compared to 567 in June. Compared to claims from Jan. 1 through July 30, 2021, FCRA claims increased 4.1% from 3,332 to 3,201 during the same period this year.

Consumer Financial Protection Bureau Complaints

Consumer complaints filed with the CFPB declined 4.6% from 4,605 in June to 4,393 in July.

There were 7,361 complaints in July 2021 compared to the 4,605 complaints in July this year—a 37.4% decrease.

The types of debt behind the complaints were:

  • 1,305 Other debt (30%)
  • 1,010 Credit card debt (23%)
  • 980 I do not know (22%)
  • 648 Medical debt (15%)
  • 209 Auto debt (5%)
  • 112 Payday loan debt (3%)
  • 68 Mortgage debt (2%)
  • 46 Private student loan debt (1%)
  • 15 Federal student loan debt (0%)

The most common type of complaint was about attempts to collect debt not owed, at 52% or 2,272 complaints, followed by complaints about written notification about a debt at 22% or 972.

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