By Pete Schroeder (Reuters) -The U.S. Consumer Financial Protection Bureau announced on Friday it had fined credit reporting bureau Equifax $15 million for failing to sufficiently investigate consumer disputes of its credit reports. The bureau said Equifax ignored consumer documents and evidence submitted alongside disputes, allowed previously flagged inaccuracies to return to credit reports, and […]
U.S.
US consumer bureau fines Equifax $15 million over handling of consumer disputes
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By Pete Schroeder
(Reuters) -The U.S. Consumer Financial Protection Bureau announced on Friday it had fined credit reporting bureau Equifax $15 million for failing to sufficiently investigate consumer disputes of its credit reports.
The bureau said Equifax ignored consumer documents and evidence submitted alongside disputes, allowed previously flagged inaccuracies to return to credit reports, and relied on flawed software code, leading to inaccurate credit scores.
In a statement, a spokesperson for Equifax said the settlement “turns the page” on the matter, which it first disclosed in 2022, and that it will continue to invest in its data-quality capabilities.
Under the settlement, Equifax agreed to pay $15 million into the CFPB’s victim relief fund and fix its dispute resolution processes.
(Reporting by Rami Ayyub; Editing by Paul Simao)