19 Jan 2025

Consumer Financial Protection Bureau Fines Equifax $15M

by Bonnie | | 0

Consumer Financial Protection Bureau fined Equifax, one of the nation’s three largest consumer credit reporting agencies, $15 million for improper investigations of consumer disputes of information in its files.

CFPB said Equifax ignored documents and evidence submitted by consumers with their disputes, allowed inaccuracies previously deleted to be reinstated, sent confusing and conflicting letters to consumers about outcomes of investigations, and used flawed software that generated incorrect credit scores.

The CFPB order requires Equifax to comply with federal law and pay a $15 million civil penalty into CFPB’s victims relief fund.

Click here for more details from the CFPB announcement.

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