Equifax failed in its basic duty to investigate and resolve consumer disputes about inaccurate information on their credit reports.”

CFPB took action against Equifax, the nationwide consumer reporting agency, for its failure to conduct proper investigations of consumer disputes.

The Consumer Financial Protection Bureau fined Equifax $15 million over credit reporting errors. The CFPB alleged the credit bureau failed to properly investigate consumer disputes. Credit reports have a significant impact on consumer finances,

For the “failure to conduct proper investigations of consumer disputes,” the Consumer Financial Protection Bureau (CFPB) last Friday announced enforcement actions taken against Equifax, requiring the nationwide consumer reporting agency to pay a $15 million civil money penalty and bring its business practices into compliance with federal law.

The CFPB has ordered Equifax to pay $15 million for improperly investigating credit report disputes and providing inaccurate credit scores due to software errors.

Equifax agreed to resolve allegations that it failed to conduct proper investigations of consumer disputes, ignored evidence and allowed previously deleted inaccuracies to be reinstated on credit reports.

Equifax ( NYSE: EFX) has been fined $15M by the Consumer Financial Protection Bureau (CFPB) for conducting inadequate investigations of disputes by the consumer reporting agency’s customers, the regulator said Friday.

In a statement, a spokesperson for Equifax said the settlement "turns the page" on the matter, which it first disclosed in 2022.

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.