TCPA Lawsuits Up By 30%, According to WebRecon

Your marketing and collection efforts are under a microscope as lawsuits involving the Telephone Consumer Protection Act (TCPA) have surged by 30% this year. For retailers and operators offering consumer financing, this increase signals a growing legal risk when contacting customers via phone or text message. It is not just private lawsuits on the rise; consumer complaints sent to the CFPB are also projected to jump by nearly 35%. This trend means that 'business as usual' for your internal sales or accounts receivable teams could lead to expensive litigation. Regulators and consumer attorneys are aggressively targeting companies that use automated dialing systems or pre-recorded messages without ironclad consent. If your team calls customers to follow up on financing applications or remind them of missed lease payments, you must ensure your contact lists and consent protocols are flawless. Ignoring these numbers could be a costly mistake. High-volume marketing campaigns are particularly vulnerable. Now is the time to audit your communication stack and confirm that every person on your list has provided explicit, documented permission to be contacted. A single technical slip-up can lead to a class-action suit that wipes out the margins on your financing program.

Source: deBanked

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