3 Million Consumer Complaints

The Consumer Sentinel Network Data Book (“CSN”), amongst other things, stores consumer complaints filed to the Federal Trade Commission (FTC). The CSN received over 3 million complaints (excluding do-not-call complaints) during the calendar year of 2015 with the following breakdown:

• 40% fraud complaints
• 16% identity theft complaints
• 44% other types of complaints

What’s important to note is debt collection calls accounted for almost one million complaints! This increase moved debt collection calls to the number one complaint by consumers to the FTC – up from the number two spot in 2014.

What’s the takeaway? Ensure internal AND any outsourced debt collection operations include:

• Proper training on your company’s policies and procedures
• Ongoing monitoring for compliance
• Demonstration of non-harassing practices through appropriate scripting, allowable call attempts, reasonable calling times, etc.
• Escalation of direct complaints to your company’s point-of-contact

For more information on debt collection calls, visit our blog: Should We “Hang Up” on Debt Collection Calls?

For more information about the Consumer Sentinel Network, visit www.FTC.gov/sentinel.

Whether your company performs its own debt collection activities or hires third parties to collect debt on its behalf, your company faces a myriad of state and federal laws that apply to debt collection practices. CompliancePoint can assist with your compliance efforts related to debt collection compliance issues. For more information, please reach out to us at consulting@compliancepoint.com.