Equifax (EFX) was ordered to pay $15 million by a federal US watchdog for allegedly failing to conduct proper investigations of consumer disputes, according to a statement Friday.
The Consumer Financial Protection Bureau said it took action against the company for allegedly ignoring consumer documents and evidence submitted with disputes and using flawed software code to generate inaccurate consumer credit scores.
Equifax's actions allowed previously deleted inaccuracies to be reinserted into credit reports and provided confusing and conflicting letters to consumers about the results of its investigations, the CFPB said.
The $15 million civil money penalty will be deposited into the CFPB's victims relief fund, the regulator said.
Equifax did not immediately respond to a request for comment from MT Newswires.
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