Penalty Amount
$725,000
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.
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.
In-house legal teams should review vendor and customer agreements where Equifax or similar consumer reporting agencies provide credit data to lenders, insurers, or other financial institutions. Focus on clauses governing data accuracy warranties, error correction mechanisms, notification obligations for reporting inaccuracies, indemnification for damages caused by erroneous data, audit rights to verify data quality, and consumer restitution or remediation procedures. Changes may be needed to mandate stricter data validation protocols, define clear timelines for error reporting and correction, require transparency in lender/insurer remediation efforts, and include holdback or escrow provisions to cover future consumer harm from reporting errors.
Entity
Equifax Information Services, LLC
Also known as: Equifax
Industry
Financial ServicesOfficial Press Release
https://ag.ny.gov/press-release/2025/attorney-general-james-secures-725000-equifax-harming-consumers-through
equifax information services assurance of discontinuance 202
https://ag.ny.gov/sites/default/files/settlements-agreements/equifax_information_services_assurance_of_discontinuance_2025.pdf
New York Attorney General Enforcement Page
https://ag.ny.gov/press-releases
New York Attorney General Letitia James obtained a temporary restraining order from the U.S. District Court for the Northern District of California blocking Paramount Skydance Corp.'s proposed $110 billion merger with Warner Bros. Discovery, Inc. The lawsuit alleges the merger would illegally reduce competition in film and television, leading to higher prices and fewer choices for consumers.
$18.0M
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