FDCPA LAWSUITS ON A MASSIVE RISE
Adam J Krohn
/ Posted: 2009-02-06 12:00 am
Anyone who follows news regarding the FDCPA
likely knows that lawsuits regarding the act have been in a steady decline over the course of the past year or so. Bearing this in mind, reports have shown that FDCPA lawsuits filed in the second half of July, 2012 are up a massive 36% when compared with those which were filed earlier in the month. Analysts are struggling to determine whether or not this means the 4th quarter of 2012 is likely to see an increase over last year’s 4th quarter in regards to FDCPA lawsuits, although it may be too soon to tell at the moment.
While the FDCPA was passed in 1977, consumers have become more and more aware of the act as each year passes; especially in recent years. The act is meant specifically to protect consumers from abusive collection policies carried out by debt collection agencies
, including threats, verbal abuse and more. While FDCPA suits are down approximately 5% overall in comparison to last year, 2011 say close to 12,000 filings throughout the country, making it apparent that the public is more attuned to their rights in regards to debt collection
than ever in the past.
It’s tough to tell exactly why the second half of July saw such a massive increase in lawsuit filings. Many attribute the lull in the beginning of the month to the Independence Day holiday, although it’s important to note that FDCPA suits were actually up 15% when compared to the same time of year in 2011. Whether or not this means an increase in FDCPA lawsuits will be seen in August 2012 is difficult to predict just yet, although it’s fair to say that the possibility is more than valid.
Lawsuits focusing on the FDCPA are certainly still going strong, but focusing on violations of the FCRA (Fair Credit Reporting Act) and TCPA (Telephone Consumer Protection Act) are even more prevalent at the moment, up 62% and 47% respectively from last year. It just goes to show that consumers are perhaps more away of their rights than ever in the past.
Tags : Fair Debt Collection Practices Act