The Federal Trade Commission today released their annual report for their top 10 complaint categories. For the first time, total complaints totaled more than 2 million.
For the 13th consecutive year, identity theft was the top complaint received by the Federal Trade Commission, followed again by complaints about debt collections which jumped 11% for the year.
Complaints about debt collections included 10% of the total, or 199,721. That total included 178,009 dealing with third-party collections, up about 20,000 over 2011, and 23,197 involving the internal collection efforts of creditors.
My guess is that in the coming years complaints about debt collectors will begin to drop down on this list due to coming regulatory actions being perused by the Consumer Financial Protection Bureau. In 2013 they will begin auditing the practices and procedures of debt collectors with $10 million or more in revenue. No longer will unscrupulous collectors be able to hide their abusive and deceptive practices and this is a very good thing for debt collection industry.
Do Good and Make Money!
Links to the reports: