Webinar survey reveals 2/3rds of companies are not prepared against FDCPA Lawsuits
A survey conducted during the BillingTree webinar on Wednesday September 8th, looking at the implications of the Fair Debt Collection Practices Act (FDCPA), has revealed some interesting statistics regarding the limited action which agencies are taking to avoid litigation.
The survey was based on results from approximately 100 senior executives from top debt collection agencies across the US who joined the webinar on Wednesday September 8th. The survey found that a huge 69% of debt collection industry professionals had been sued or threatened by a lawsuit from one of their debtors in the past.
Agencies therefore need to be doing everything in their power to avoid being sued in the first place. Yet 30% of attendees said that they had implemented no technology at all to help mitigate legal action, and only another 26% had done the minimal of introducing web payments to help deal with the problem.
With over two-thirds of attendees having been threatened or sued by one of their debtors, those two-thirds still have room to improve their processes in order to avoid litigation. Companies who don't maximise their defence against potential litigation risk making big mistakes that can cost them thousands of dollars and dozens of hours of grief.
I hope that these statistics are of interest to you. If you would like a replay of the webinar, it is available here.
Please let me know if you require any further information.
PR for BillingTree
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