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Experian Conducted ‘Sham Investigations’ Into Errors in Its Credit Reports

Gizmodo: “Experian has routinely provided inaccurate information in credit reports that help determine whether consumers are approved for loans, jobs, or housing and failed to properly investigate or correct errors when consumers disputed the mistakes, according to a lawsuit filed Tuesday by the Consumer Financial Protection Bureau. CFPB data shows that last year the agency received 352,760 complaints from consumers about incorrect information appearing on their Experian credit reports, slightly less than the other two major credit bureaus. Consumers sent the agency 361,534 complaints about errors in Equifax reports and 378,538 complaints about errors in TransUnion reports. “When consumers disputed errors on their credit reports, Experian conducted sham investigations rather than properly reviewing the disputes as required by federal law,” CFPB Director Rohit Chopra said in a statement. “Credit reporting errors can have serious consequences for a family’s finances, and it is critical that credit reporting giants follow the law.”

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