On January 17, the U.S. Consumer Financial Protection Bureau announced a $15 million fine against Equifax, a credit reporting bureau, for inadequately investigating consumer disputes on its credit reports. The bureau found that Equifax overlooked consumer documents and evidence submitted with disputes, allowed previously identified errors to resurface, and used flawed software code, resulting in inaccurate credit scores.
Equifax responded in a statement, noting that the settlement signifies a closure to the issue disclosed in 2022 and affirmed its commitment to enhancing data-quality operations.
As part of the settlement, Equifax will pay $15 million into the CFPB's victim relief fund and improve its dispute resolution procedures.