Filings and complaints continue to fluctuate month-to-month. WebRecon CEO Jack Gordon predicts lawsuits industry statutes will also vary at year-end.
Consumer litigation and complaints increased from September to October, according to the latest WebRecon report.
Complaints to the Bureau of Consumer Financial Protection increased 10 percent from 3,712 to 4,082, according to the report.
Telephone Consumer Protection Act filings increased 37.1 percent from 248 to 340; Fair Credit Reporting Act filings increased 4.4. percent from 339 to 354; and Fair Debt Collection Practices Act filings increased 15.5 percent from 638 to 737.
Looking at year-to-date numbers, WebRecon CEO Jack Gordon said, “As the year is getting ready to draw to a close, the trends that have been apparent from early on seem to be cementing in. Lawsuits have been up and down a lot this year, but the overall YTD trend has been pretty clear that FDCPA will drop a bit (-6.1 percent), FCRA will increase a bit (+3.7 percent), and TCPA—shockingly—will be down for the second year in a row, possibly by double digits (it is down -12.1 percent so far for the year.)”
The BCFP received 41,203 complaints from Jan. 1, 2017 to Oct. 31, 2017, compared to 45,051 from Jan. 1, 2018 to Oct. 31, 2018—a 9.3 percent increase, according to the report.
Similar to August and September, debt collection companies responded to a majority, 95 percent (3,893), of October BCFP complaints in a timely manner.
Read more findings in the WebRecon report.
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