On August 8, 2022, the Consumer Financial Protection Bureau (CFPB) filed a lawsuit against Experian, a major credit rating agency, alleging that the company has failed to adequately handle disputes from American consumers regarding the accuracy of their credit files. The CFPB claims that Experian, through its California subsidiary, mishandles complaints, which can negatively affect families’ financial situations. The agency highlighted issues such as “sham investigations” into consumer disputes and the troubling practice of allowing previously deleted inaccurate information to be reinserted into credit reports. CFPB Director Rohit Chopra emphasized the serious implications of credit reporting errors for family finances and the legal obligation of credit reporting agencies to comply with consumer protection laws. In response, Experian rejected the allegations, asserting that the CFPB ignored the company’s collaborative efforts. The company deemed the lawsuit “completely without merit” and expressed confidence in its legal position. The CFPB’s complaint seeks a court mandate to halt Experian’s alleged misconduct, compensation for affected consumers, forfeiture of ill-gotten gains, and the imposition of fines against the company.
