Tag Archives: FCRA Expert Witness

Consumer Credit Lawsuits On Pace to Match 2011’s Record Numbers – Credit Reporting Expert John Ulzheimer 1-866-985-8884

News Release by Credit Reporting Expert Witness, John Ulzheimer.

2011 was a record year for consumer credit related lawsuits and thus a busy year for credit reporting expert witnesses.  2012 continues to be a very busy year for FDCPA and FCRA  lawsuits as well.  According to WebRecon, a Michigan based Litigant Data tracking bureau, FDCPA and FCRA lawsuits filed in 2012 passed 10,308 at the end of September. This is compared to 10,926 filed during the same time period in 2011.  When you add TCPA lawsuits to the mix the gap between years shrinks to just 350 lawsuits

The number of consumer credit related lawsuits looks like it will be close to 2011’s record numbers.  Also something to consider is these numbers are just for Federal lawsuits and do not capture the state level equivalent of the FDCPA or the FCRA. The true number of credit related lawsuits is much higher.

Often these types of lawsuits involved a consumer plaintiff suing a collection agency, debt buyer, collection attorney, bank, credit reporting agency or consumer reporting agency. The allegations can rage from improper disclosure to a 3rd party to calling cell phones after being told not to do so to abusive collection behavior to reasonable procedures issues to reinvestigation issues.  It’s been my experience as credit reporting expert witness with over 100 cases under my belt that often these allegations are accompanied by suggestions of credit report damage, credit score damage and credit reputation damages.

So, if you’re in the need of a well experienced credit reporting expert witness with a balanced case distribution (plaintiff/defense) who comes from the credit industry (Equifax, FICO, Credit.com) and is twice FCRA certified by the credit industry’s trade association please contact me at 1.866.985.8884.

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How Long Will My Credit Report Dispute Take? John Ulzheimer 1-866-985-8884

It’s certainly on the list of the most commonly asked questions about credit report investigations. Unfortunately, that simple question has a complicated answer.  Your credit file dispute can take as little as a few days to be completed and as long as “never” to complete.  Read on..

1. A few days – If you work in mortgage lending you may be familiar with “rapid rescoring.”  Rapid rescoring, which isn’t really an accurate representation, is when your mortgage lender can work with his or her mortgage credit reporting company and get items updated or corrected at Equifax, Experian, TransUnion in a couple of days.

2.  A few weeks – According to the credit reporting industry most disputes are resolved in a couple of weeks. The process is now heavily automated with the use of e-Oscar and now it’s as simple as checking a system website daily for disputes that need to be addressed.

3.  Up to 30 days – This is the most common answer to the question.  Section 611 of the Fair Credit Reporting Act (FCRA) gives the credit reporting agencies 30 days to complete their investigation.  30 days starts from the day they received the dispute.

4. Up to 45 days – If you provide additional information during the 30 day investigation then the credit reporting agencies have an additional 15 days to complete their investigation.

5. Never –  The credit reporting agencies can end an investigation if they determine that the dispute is frivolous or irrelevant. And, if you never challenge a credit file entry as being incorrect the credit bureaus don’t ever have to change it.

Credit Reporting 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.  John is twice FCRA certified by the credit industry’s trade association. 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 witness who actually comes from the credit industry and has worked for a credit bureau and a credit score developer.

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How Do Lawyers Find Expert Witnesses?

Two weeks ago I finished up a survey of lawyers from 17 different law firms with which I’ve done credit reporting expert witness work over the past five years.  I was trying to ascertain how they find their expert witnesses and then quantify their search habits.  The results are as follows.

Search Engines*

57.1% of lawyers surveyed said they use search engines to find their consumer credit expert witnesses

28.6% of lawyers surveyed said they sometimes use search engines to find their expert witnesses

14.3% of lawyers surveyed said they do not use search engines to find their expert witnesses

0% of lawyers surveyed said they ONLY use search engines to find their expert witnesses

Other Sources*

85.7% of lawyers surveyed said they find their expert witnesses from referrals from other attorneys

42.9% of lawyers surveyed said they use expert witness clearinghouse websites to find their expert witnesses

28.6% of lawyers surveyed said they use expert witness search firms to find their expert witnesses

*The attorneys surveyed were able to choose more than one answer for each of the survey categories, which is why the results do not add up to 100%

Credit Reporting Expert, 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.  John has been an expert witness in over 100 cases, is twice FCRA certified and teaches a class on how to leverage your professional experience to become an expert witness. Formerly of FICO, Equifax and Credit.com, John is the only recognized credit expert who actually comes from the credit industry.  Follow him on Twitter here.

 

 

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