Since the Consumer Financial Protection Bureau launched its consumer complaint database, a lot of ink has been spilled (Can you spill ink on the internet?) about the rate at which consumers are hurling complaints at debt collectors. Yes – it’s fair to say that the CFPB will use this new data to decide when and how to investigate the industry, and who its targets will be. But it’s not all doom and gloom; the picture on the ground is a lot more positive.
According to a recent insideARM.com poll, 69 percent of you said that your agency had received less than 10 consumer complaints via the CFPB complaint portal this year. Two readers even chimed in anonymously to humblebrag about the fact that they had received zero complaints in 2014. (To those two anonymous readers: email me! I’d love to learn more about your company.) Only eight percent of readers said their company had received 50 or more consumer complaints.
However, hundreds of consumer complaints about debt collectors continue to reach the CFPB on a daily basis. In April 2014, there were 3582 complaints filed against debt collectors. That total is down one percent compared to March 2014, but this data doesn’t necessarily represent a turning tide in the collection industry.
Signing up for the CFPB portal is the only way a collection agency can see and respond to the complaints filed against it. Once your company does that, you must make sure you’re appropriately responding to consumer complaints, while taking steps to reduce them. To the Point: CFPB Collection Complaints shows you the top four things your company can do right now to perfect its complaints management system.
Want the latest up-to-date data about complaint and litigation trends in the collection industry? Registration is now open for insideCompliance: Decoding Litigation Data in 2014. WebRecon founder Jack Gordon is an industry leader in tracking and analyzing debt collection lawsuits and complaints on a yearly – and monthly – basis. John Bedard of Bedard Law Group will explain how the data impacts your compliance obligations. Learn how to use data to fill any compliance gaps and protect your agency from potential lawsuits. Jack Gordon of WebRecon will provide in-depth data analysis and forecasts. You’ll have the chance to ask Mr. Gordon and Mr. Bedard questions during the live Q&A portion of the webinar.