Equifax Fined $15 Million for Credit Reporting Failures

The CFPB penalized Equifax for inadequate dispute investigations, flawed software, and inaccurate consumer credit scores.

The Consumer Financial Protection Bureau (CFPB) fined Equifax $15 million for violations of the Fair Credit Reporting Act (FCRA).
Equifax failed to investigate consumer disputes properly, ignored submitted evidence, and reinstated previously deleted inaccuracies on credit reports.
Flawed software used by Equifax caused inaccurate credit scores for hundreds of thousands of consumers, affecting their financial opportunities.
The company has agreed to overhaul its dispute resolution processes and invest in improving data accuracy and technology infrastructure.
This penalty follows broader CFPB actions against other credit reporting agencies, highlighting systemic issues in the credit reporting industry.