The CFPB's lawsuit alleges that Experian conducted sham investigations into consumer disputes, failing to properly review them as required by federal law, ultimately harming consumers' financial opportunities.
Rohit Chopra, the CFPB director, stated that credit reporting errors can have serious consequences for households, emphasizing the necessity for credit reporting agencies to adhere to legal standards.
Experian reportedly neglected to forward over 2 million disputes to furnishers within the mandated five-business-day period, indicating systemic failures in their investigation process.
The lawsuit also claims Experian confused consumers with ambiguous or incorrect information, leading them to believe their credit report errors had been resolved when they reappeared.
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