ATLANTA, Ga. (Atlanta News First) - The Consumer Financial Protection Bureau (CFPB) this week ordered Equifax to pay $15 million for failing to conduct proper investigations regarding credit card errors, according to a press release.

Equifax, the nationwide consumer reporting agency headquartered in Atlanta, reportedly failed to thoroughly investigate consumer disputes, placed previous deleted errors back on credit reports and shared inaccurate credit scores about consumers with lenders.

“Equifax failed in its basic duty to investigate and resolve consumer disputes about inaccurate information on their credit reports,” CFPB Director Rohit Chopra said in the release. “Today’s order requires Equifax to pay a civil penalty and follow federal laws on handling credit reporting disputes.”

The CFPB found Equifax reportedly ignored evidence submitted by consumers and failed to verify or correct disputed information properly and company allowed previously corrected or deleted inaccuracies, including identity-theft-related information, to resurface on credit reports.

Software flaws led to Equifax providing incorrect credit scores to lenders, impacting hundreds of thousands of consumers.

Equifax acknowledged the settlement, stating it marks the resolution of the CFPB’s investigation. The company highlighted its proactive efforts to address the issues, emphasizing a $1.5 billion investment in technological upgrades. In a statement, Equifax claimed to have transformed its infrastructure to enhance accuracy and consumer support, achieving a reported 99.83% credit report accuracy rate as of December 2024.

Equifax also announced plans to launch a mobile app later this year, aiming to provide consumers with greater visibility into their credit.

If you believe Equifax has mishandled your credit dispute, file a new dispute immediately with updated evidence and monitor your credit reports for errors, especially those related to identity theft.

The CFPB’s order involves Equifax to “bring its dispute resolution processes into compliance with the Fair Credit Reporting Act (FCRA) and the CFPA” as well paying a $15 million civil penalty to the CFPB’s victim relief fund.

To learn more about Equifax’s consequences, click here. To see if you qualify for victims relief, click here.

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