Fair Credit Reporting Act lawsuits are skyrocketing so far in 2012. According to WebRecon, a Michigan firm that tracks FDCPA, FCRA and other consumer protection statute filings, 749 FCRA lawsuits have been filed from January 1, 2012 to April 30, 2012. This is up 69% from the number filed over the same time frame in 2011, which was 443.
These FCRA numbers, of course, do not include the lawsuits filed in state court alleging violations of the state’s FCRA equivalent or civil claims that include a credit damage component. When you combine all credit related claims the numbers have to be immense.
What does this means for the credit consumer? The answer is this; many consumers are willing to take their battle with lenders and credit bureaus to a judge and jury rather than leave it with the credit reporting agencies. It also means more questionable violations. In my FCRA expert witness work, I’ve seen my fair share of what I would consider to be frivolous claims of credit damage.
This increased volume of Fair Credit Reporting Act lawsuits means FCRA expert witnesses will continue to be busy. These experts come in all sizes including those who only do plaintiff’s work and those, like me, who will take cases on both the plaintiff and defense side.
Credit Expert Witness, John Ulzheimer, is the President of Consumer Education at SmartCredit.com, the credit blogger for Mint.com, and a Contributor for the National Foundation for Credit Counseling. He is an expert on credit reporting, credit scoring and identity theft. Formerly of FICO, Equifax and Credit.com, John is the only recognized credit expert who actually comes from the credit industry. John has been an expert witness in over 100 cases and is twice FCRA Certified by the credit industry. Follow him on Twitter here.