The Consumer Financial Protection Bureau fined Equifax $15 million over errors tied to consumer credit reports, alleging the company failed to conduct proper investigations of disputed information, the federal watchdog announced Friday.

Equifax is one of three major credit reporting agencies in the U.S., a group that also includes Experian and TransUnion.

“Equifax ignored consumer documents and evidence submitted with disputes, allowed previously deleted inaccuracies to be reinserted into credit reports, provided confusing and conflicting letters to consumers about the results of its investigations, and used flawed software code which led to inaccurate consumer credit scores,” according to the CFPB’s order.

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Equifax settled the allegations to “[turn] the page on the CFPB’s long-running investigation,” a company spokesperson wrote in an e-mail.

The company has invested more than $1.5 billion into technology and infrastructure improvements over the last few years, including “significant changes” to its dispute process and consumer support, the spokesperson said.

“Our Purpose is to help people live their financial best and we know consumers and our customers depend on our data for important financial decisions,” they wrote. “Even one error affecting a consumer is one error too many,” they added.

The $15 million civil penalty follows a lawsuit CFPB filed against another credit bureau, Experian, on Jan. 7, alleging the company conducted “sham” investigations of credit report errors. In a statement on its site, Experian said the lawsuit was “completely without merit” and an “example of irresponsible overreach.”

“Credit bureaus have been sued repeatedly for this kind of conduct,” said Chi Chi Wu, senior attorney at the National Consumer Law Center. “They’re decades-old problems,” she said.

An Equifax data breach in 2017 also compromised the personal information of 147 million consumers, for which the company ultimately agreed to settle for $700 million.

Consumers should check their credit reports at least once a year, Rust said. The Federal Trade Commission also recommends doing a check before applying for credit, a loan, insurance or a job.

Consumers should ensure they recognize identity information on their credit report like addresses and Social Security numbers, and verify that account information such as debt balances and delinquency status are correct.

“That’s just a good practice of financial hygiene,” Rust said.

Importantly, a credit report differs from a credit score. The latter is a numerical output compiled with information on a consumer’s credit report.

“If you see a sudden change in credit score, that’s a signal,” Rust said.

The three major credit bureaus allow consumers to request a free copy of their credit report once a week. Consumers can request a copy at AnnualCreditReport.com and by calling 1-877-322-8228. (Other sites may charge consumers or be fraudulent, according to the Federal Trade Commission.)

They may be able to find an attorney through organizations like the National Association of Consumer Advocates, Wu said.

In 2023, the Supreme Court blocked Biden’s plan to deliver wide-scale student loan forgiveness for tens of millions of borrowers.

But the Biden administration still managed to wipe away a large share of the country’s outstanding student debt by improving the Education Department’s existing debt relief programs.

“Four years ago, President Biden made a promise to fix a broken student loan system,” said U.S. Secretary of Education Miguel Cardona in a statement.

“We rolled up our sleeves and, together, we fixed existing programs that had failed to deliver the relief they promised, took bold action on behalf of borrowers who had been cheated by their institutions, and brought financial breathing room to hardworking Americans.”

Borrowers should now be able to see an accurate payment count by logging into their accounts on Studentaid.gov, the Education Department said.

To qualify for serious needs assistance, you need to complete a FEMA application, either by visiting DisasterAssistance.gov or calling 1-800-621-3362.

Other criteria include:

• FEMA must also be able to confirm your identity.
• You, or someone in your home, must be a U.S. citizen, non-citizen national or a qualified non-citizen.
• You must live most of the year in the area affected by wildfires.
• FEMA must confirm you have suffered disaster damage either through a home inspection or documentation.
• Your application must indicate you have been displaced, need shelter or have other emergency costs.
• You must apply while serious needs assistance is available.

To be sure, everyone who applies does not necessarily receive the same size payment.

 “Your unique situation determines the amount of assistance you may receive,” FEMA states on its website.

Disaster victims should be wary of potential scams promoting access to cash payments from FEMA, the agency warns.