Experian, a major credit bureau, faces legal action from the Consumer Financial Protection Bureau (CFPB) for allegedly failing to properly investigate consumer disputes with creditors. The lawsuit claims Experian's actions violated the Fair Credit Reporting Act, potentially leading to inaccurate information in consumer credit reports and lower credit scores. The CFPB seeks injunctive relief, forfeiture of ill-gotten gains, restitution for consumers, and monetary penalties.
Experian, one of the nation's largest credit bureau s, was sued Tuesday by the Consumer Financial Protection Bureau for allegedly improperly handling consumer disputes, which could lead to lower credit scores — one of a number of punitive actions the agency has taken in the waning days of the Biden administration.
Experian, a subsidiary of Experian plc, a data and analytics company headquartered in Dublin, is one of the nation's three largest credit bureaus along with Equifax and Transunion. The bureaus collect credit information from banks, credit card companies and debt collectors and then sell it to businesses who might be considering offering consumers a job, loan, housing or other services.
Consumer Finance Credit Bureau Fair Credit Reporting Act CFPB Legal Action
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