In the FTC's annual report detailing consumer complaints, complaints against debt collectors topped the list for the first time in 15 years.
The FTC received more than 3 million complaints in 2015. That's up from 2.5 million in 2014. Some of the increase can be attributed to the fact that more people know to complain to the FTC about bad business practices, frauds and scams. Technology also can be credited with raising the number of complaints, as more complaints are reaching the FTC through convenient mobile apps.
The top three complaint categories are still debt collection, identity theft, and imposter scams. Notably, identity theft complaints rose more than 47 percent. The number of debt collection and identity theft complaints received were 897,655 and 490,220, respectively.
Troutman Sanders, LLP has extensive experience in debt collection compliance and litigation. We will continue to monitor FTC reports as they are published.
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