The Consumer Financial Protection Bureau (CFPB) has fined Equifax, one of the leading consumer credit reporting agencies, $15 million for serious shortcomings in handling credit report disputes.
According to the investigation, Equifax ignored documents and evidence provided by consumers to correct errors in their credit reports. The company allowed previously flagged inaccuracies to reappear and relied on faulty software, resulting in inaccurate credit scores that harmed the financial reputations of many consumers.
The fine includes a payment of $15 million to the CFPB’s victim relief fund, along with a commitment to strengthen its verification and dispute resolution processes.
