Fair Debt Collection Practices Act
A recent report indicated that during 2018, complaints to the CFPB declined from the number of complaints reported in 2017.
- In 2018 the bureau handled approximately 81,500 debt collection complaints
- In 2017 it handled 84,500 complaints
That number represents an overall decline of 3.55%.
Additionally, the report indicated that collection agencies continue to respond to and resolve complaints effectively and efficiently. According to the CFPB report, companies responded to approximately 49,400 complaints, or 95 percent, of those they received for last year.
The most common complaint filed involved consumers being contacted for a debt they did not owe. This was typically caused by cases of identity theft, rather than any other single factor.
So what does it all mean?
Most professional collection agencies are doing their best to operate within the guidelines of the FDCPA.
Does your business or practice need help collecting what it is rightfully owed?
Save time, money and aggravation by hiring a professional agency who can help you collect some (or all?) of your outstanding revenue.
Click the link and compare free collection agency quotes today.
After all, when you get down to it you really have two choices:
- keep doing what you’re doing (and hope for a different result), or
- find a national collection agency that will help you recover what’s rightfully yours.
Either way you decide… it’s your money.