The Consumer Financial Protection Bureau can’t be happy about this…
According to research firm WebRecon, an estimated 588 different collection agencies and creditors were sued in the second half of February. This is up from the 526 suits filed in the first half of the month. The three categories that were up the most were:
- Fair Debt Collection Practices Act (FDCPA) lawsuits which were up 7.9% to 422
- Fair Credit Reporting Act (FCRA) cases which were up 25.2% to 129
- Truth-in-Lending Act (TILA) lawsuits which were up 37% to 37
Year to date lawsuits have reached 1,968, including 1,685 citing alleged FDCPA violations. The CFPB along with local state governments are currently in the process joining forces to commence a major crackdown on collection agencies who fail to follow ethical collection practices.
Major industry changes are coming and we’re sitting in the sweet spot ready to capitalize on them for ourselves and our investors.
Do Good and Make Money!