A recent decline in lawsuits filed in federal court claiming violations of the Fair Debt Collection Practices Act (FDCPA) is a sharp contrast to the rise seen in 2008-2009. The number of cases in 2014 (9,720) was down 5.7 percent from 2013, making this the third straight year of decline.
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However, this decline may be attributed to the rise in cases involving the Telephone Consumer Protect Act (TCPA), which were up 25 percent in 2014. The increase in TCPA cases has left many accounts receivable management companies increasing their efforts in compliance.
Members of the credit card, mortgage, real estate, debt collection and telecommunication companies may find that the FDCPA has quantified more clearly what is and is not a violation, whereas the TCPA leaves more room for consumers to allege more vague claims prior to discovery. Read more here:
What are your thoughts on compliance regulations? What tools can ARM companies use to increase their compliance standards? What does the TCPA offer Consumers that the FDCPA does not?