Introduction
It is important to note that the future of the CFPB remains uncertain, which raises questions about what their complaint data may look like moving forward. Nevertheless, it’s worth noting that the volume of FCRA-related lawsuits continues to be the highest consumer regulatory litigation category, surpassing the FDCPA and TCPA. We have also shared several key viewpoints from well-known attorneys below.
We will continue to closely monitor CFPB activity, or the lack thereof, in the future.
If you are interested in learning more about what may be causing FCRA-related complaints and litigation to reach new highs, we invite you to check out a recent blog on credit reporting social media trends.
For now, here are our insights on the statistics from the last quarter.
NOTE: All complaints data is from the CFPB official website as of February 4, 2025, and all FCRA litigation data is from WebRecon as of October 31, 2024.
Consumer Complaints have continued to reach new highs, with the total number of complaints going up 110% from 2023 to 2024, from 1,292,141 to 2,709,418. Credit or consumer reporting complaints continue to be the main driver, accounting for 87% of all complaints in 2024.
FCRA lawsuits have also continued to rise since last year. WebRecon reported in December that the total number of FCRA Lawsuits filed between January and October of last year went from 4,638 to 5,108 between January and October, for a total rise of just over 10%.
Q4 and the Rise of Complaints
The total number of CFPB Complaints rose year-over-year again in Q4, with 875,569 complaints filed between July and September. This is a 147% increase from the 353,888 complaints filed in the same timeframe in 2023.
Additionally, the total number of complaints increased by 86% from the beginning of the year, going from 479,717 total complaints filed in Q1 to 875,569 complaints filed in Q4.
As we have mentioned in past blogs, credit reporting complaints continue to make up most of this data, accounting for 86% of all the complaints three-quarters into the year.
Credit Reporting Complaints Q4 ‘23 to Q4 ‘24
In the fourth quarter, we saw a 167% year-over-year increase, going from 288,807 complaints in Q4 of last year to 771,590 in Q4 of this year.
Credit reporting complaints also rose from Q3 of 2024 to Q4of 2024, from 662,971 in Q3 to 771,590 in Q4.
FCRA Lawsuits
FCRA lawsuits have continued to rise since last year. WebRecon reported in December that the total number of FCRA Lawsuits filed between January and October of last year went from 4,638 to 5,108 between January and October, for a total rise of just over 10%.
Reduce FCRA-related Complaints and Litigation
As these numbers continue to reach new highs, it becomes evident that all stakeholders in the credit reporting ecosystem must collaborate to ensure data quality. No single party can effectively address all issues.
To support these collaborative efforts, our Data Quality Scanner comprehensively assesses the Metro 2® Data quality journey of all furnished accounts and any associated disputes to identify and resolve the root causes of data quality issues. This can help significantly reduce FCRA-related complaints, litigation, and disputes expenses.
We will continue to monitor FCRA-related complaints and litigation quarterly and share new credit reporting and dispute-related regulatory guidance and actions as they become available.
For more information or to schedule a demo of the Data Quality Scanner solution, contact our Head of Product. You can also schedule a meeting directly at this link.
