According to a litigation statistics report issued by WebRecon LLC, consumer lawsuits alleging violation of the Fair Credit Reporting Act increased by nearly 60% in September from the prior month. That increase "keeps it in line with the aggressive growth in recent years."
FCRA filings increased 58.4% from 351 in August to 556 in September of this year. Year-to-date filings under the FCRA increased 13.5% from January to September of 2017.
WebRecon reports the following month-by-month FCRA litigation filings so far in 2017:
January 2017 – 418 filings
February 2017 – 256 filings
March 2017 – 406 filings
April 2017 – 266 filings
May 2017 – 378 filings
June 2017 – 386 filings
July 2017 – 302 filings
August 2017 – 351 filings
September 2017 – 556 filings
Surprisingly, year-to-date FCRA and TCPA filings are both down more than 6%. Last month, consumers filed putative class actions in 23.7% of FDCPA lawsuits, 18% of TCPA lawsuits, and 44.1% of FCRA lawsuits.
The Troutman Sanders' Consumer Financial Services Law Monitor blog offers timely updates regarding the financial services industry to inform you of recent changes in the law, upcoming regulatory deadlines and significant judicial opinions that may impact your business. To view the blog, click here
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