The Consumer Financial Protection Bureau (CFPB) alleged that Equifax, one of the three major credit bureaus, failed to properly investigate consumer disputes, leading to inaccurate credit reports. The CFPB stated that Equifax ignored consumer documents and evidence, allowed previously deleted inaccuracies to be reinserted, provided confusing information, and used flawed software. Credit reports can significantly impact a consumer's ability to obtain loans, rent apartments, or secure employment. Equifax has settled the allegations and invested in technology and infrastructure improvements.
Credit reports have a significant impact on consumer finances, experts said. They may dictate someone's success in qualifying for a loan, renting an apartment or getting a job.
Apple CEO Tim Cook says he'll never retire, at least not ‘the traditional' way: I'll always ‘want to work'"It can change your ability to qualify for a loan, to get a job, to rent an apartment, all kinds of things that are very fundamental to navigating your personal life," Rust said.Equifax processes about 765,000 consumer disputes a month, CFPB said.
"Our Purpose is to help people live their financial best and we know consumers and our customers depend on our data for important financial decisions," they wrote."Even one error affecting a consumer is one error too many," they added."Credit bureaus have been sued repeatedly for this kind of conduct," said Chi Chi Wu, senior attorney at the National Consumer Law Center."They're decades-old problems," she said.
Consumers should also file a complaint with the CFPB and their state attorney general's office, Wu said.
CREDIT REPORTS CONSUMER PROTECTION EQUIFAX CFPB FAIR CREDIT REPORTING ACT
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