US consumer bureau fines Equifax $15 million for issues fixing consumer disputes (updated)

Equifax

17/01/2025 14:41

(Adds details on fine, Equifax issues)
    By Pete Schroeder
       Jan 17 (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.
  
        A spokesperson for Equifax did not immediately respond
to a request for comment.
  
        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)
 ((Rami.Ayyub@thomsonreuters.com;))