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. (Reuters)
