The Better Business Bureau recently released data from 2014 regarding the number of complaints received pertaining to registered debt collection agencies. The statistics show a sharp decrease in the number of complaints lodged against debt collection agencies. This number is contrary to data released by the Consumer Financial Protection Bureau, which show an increase in consumer complaints year after year.
According to the BBB, debt collection agencies received 21,576 consumer complaints in 2014, which was an 11% decrease from 2013. The BBB data shows that 82% of complaints received by collection agencies in 2014 were settled. The BBB also reported more than three million inquiries into collection agencies in 2014 – the fourth highest amount out of all industries surveyed. (Inquiries differ from complaints in that they present the opportunity to look at a business’s practices first rather than complaining about them later.)
These statistics demonstrate an interesting contrast between the statistics compiled by the CFPB and those provided by the BBB. As we previously reported, they also diverge from the prevailing trend of lawsuits filed under the FDCPA.