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NY AG Settles with Equifax for $725K Over Inaccurate Credit Scores

Equifax Information Services, LLCJanuary 14, 2025New York Attorney General

Penalty Amount

$725,000

Summary

New York Attorney General Letitia James announced a settlement with Equifax Information Services, LLC for inaccurately reporting credit scores to lenders due to a coding error, which lowered consumers' scores and inflated costs for loans and insurance between March and April 2022. Equifax will pay $725,000 and implement safeguards to prevent future errors, with restitution for affected consumers.

Remedy

Equifax must pay $725,000 in penalties, implement enhanced safeguards to prevent future errors, regularly monitor customer error reports, and provide restitution to affected consumers through the Office of the Attorney General.

Monetary PenaltyCompliance ProgramReporting RequirementsConsumer Refunds

Violation Types

Entity Details

Entity

Equifax Information Services, LLC

Also known as: Equifax

Industry

Financial Services

Official Sources

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