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Universal Increase in Lawsuits for March

WebRecon breaks down the latest claims under ARM industry laws.

04/26/2022 4:15 P.M.

2 minute read

WebRecon’s latest report shows litigation increased by double-digit percentages across all three major consumer statutes in March.

Fair Debt Collection Practices Act suits increased 10.6% over February, Telephone Consumer Protection Act suits increased 10.1% and Fair Credit Reporting Act suits increased 17.3%, according to WebRecon.

However, only the FCRA increased year-to-date (3.8%), according to the report.

“CFPB complaints (-2.8%), FDCPA (-3.6%) and TCPA lawsuits (-39.8%) are all down compared to this time last year,” it states.

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

Fair Debt Collection Practices Act

FDCPA claims increased by 10.6% to 500 compared to 452 in February. Compared to claims from Jan. 1 through March 31, 2021, FDCPA claims declined 3.6% from 1,525 to 1,470 during the same period this year, according to WebRecon.

Fair Credit Reporting Act

FCRA claims increased by 17.3% to 495 compared to 422 in February. Compared to claims from Jan. 1 through March 31, 2021, FCRA claims increased 3.8% from 1,388 to 1,441 during the same period this year, according to WebRecon.

Telephone Consumer Protection Act

TCPA claims increased by 10.1% to 120 compared to 109 in February. Compared to claims from Jan. 1 through March 31, 2021, TCPA claims declined 39.8% from 598 to 360 during the same period this year, according to WebRecon.

Consumer Financial Protection Bureau Complaints

Consumer complaints filed with the CFPB increased 8.3% in March, compared to February.

There were 6,743 complaints in March 2021 compared to 5,984 in March this year.

Timely CFPB complaint responses from financial services companies continue to come in at a strong rate of 97%, according to the WebRecon report.

Meanwhile, ACA continues to advocate with the CFPB to ensure accurate data about the industry is documented in the complaint database used for its reports, such as the recent complaint bulletin on medical billing, ACA previously reported for members.

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