The Consumer Financial Protection Bureau (CFPB) slapped Equifax, one of three major credit reporting agencies in the US, with a $15 million fine citing errors in customer credit reports and failed investigations to resolve disputes over inaccurate information on reports. Equity processes around 765,000 consumer disputes annually, but officials say the problems with its operations have been lingering since at least 2017.
The Consumer Federation of America director, Adam Rust, echoed the importance of accurate credit records, stating severe financial consequences stemming from inaccurate entries, including influence on loan potential, job offerings, and aptitude to locate a residence rental.
Equifax agreed to stop its flawed error procedures and stated that it recently invested over one billion dollars ($1.8 billion) improvement technology and organization to resolve disagreements. The complaint claims that its procedures led credit score inaccuries and consumers losing trust in reliability of credit checking services.
Recently, Experian, likewise a major, has been scrutinized for improprieties to consumer credit info, and now consumers are told to check own credit reports.
To maintain quality hygiene, checks credit reports from time to several years, ensures all information given and verify delinquency in financial records at AnnualCreditRe