Information and Alerts
Alert Details
This business has 1 alert.
Government Actions
Consumer Financial Protection Bureau vs Equifax
On January 17, 2025, The Consumer Financial Protection Bureau (CFPB) took action against Equifax, the nationwide consumer reporting agency, for its failure to conduct proper investigations of consumer disputes. The CFPB found Equifax ignored consumer documents and evidence submitted with disputes, allowed previously deleted inaccuracies to be reinserted into credit reports, provided confusing and conflicting letters to consumers about the results of its investigations, and used flawed software code which led to inaccurate consumer credit scores. The order requires Equifax to comply with federal law, and Equifax must pay a $15 million civil money penalty, which will be deposited into the CFPB’s victims relief fund.
The CFPB found Equifax violated the Fair Credit Reporting Act (FCRA) requirements for investigating and processing consumer disputes and assuring the maximum possible accuracy of information on its consumer reports. The CFPB also found that Equifax violated the law using ineffective systems and flawed processes and excessively deferring to furnishers to address disputes. Specifically, the CFPB found Equifax harmed consumers by:
• Failing to thoroughly investigate consumer disputes.
• Putting previously deleted errors back on credit reports and failing to block identity theft-related information.
• Sharing inaccurate credit scores and data about consumers with lenders.
The order requires Equifax to:
• Follow federal law on handling credit reporting data: Equifax must bring its dispute resolution processes into compliance with the FCRA (Fair Credit Reporting Act) and CFPA (Consumer Financial Protection Act).
• Pay a $15 million penalty: Equifax will pay a $15 million civil penalty to the CFPB’s victims relief fund.
Important Information
This business is BBB Accredited.
BBB has determined that Equifax, Inc. meets BBB accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints. BBB Accredited Businesses pay a fee for accreditation review/monitoring and for support of BBB services to the public.
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