US Consumer Financial Protection Bureau Sues Experian Over Consumer Credit Accuracy

US Consumer Financial Protection Bureau Sues Experian Over Consumer Credit Accuracy

Seeks court order barring the credit rating giant from further misconduct

The US Consumer Financial Protection Bureau (CFPB) has sued Ireland-based Experian, stating that it failed American consumers who challenge the accuracy of consumer credit files.

The consumer watchdog sought a court order barring the credit rating giant from further misconduct. It required the company to redress the harmed consumers, forfeit ill-gotten gains and pay a penalty.

Through a California subsidiary, the global data broker maintains crucial files on most American families but allegedly mishandles their complaints, damaging household finances in the process.

The CFPB maintained that Experian conducted ‘sham investigations’ into consumer disputes and allowed deleted false information to be reinserted into credit files.

Rohit Chopra, the CFPB Director stated, "Credit reporting errors can have serious consequences for a family's finances, and it is critical that credit reporting giants follow the law.”

However, Experian said in a statement that the CFPB disregarded the company's efforts to engage constructively with the agency. It added, "The lawsuit is without merit. Our legal position is strong. We will defend it vigorously and are confident of prevailing."