CFPB orders TD Bank to pay $28M for sending false info to credit agencies
By 
Adrianne Appel2024-09-13T13:09:00
TD Bank has been ordered to pay $27.7 million and implement compliance measures, for providing inaccurate, negative credit information to credit agencies about tens of thousands of its customers and taking too long to fix the errors, the Consumer Financial Protection Bureau (CFPB) said.
Banks report on customers’ loan and credit card history to credit reporting agencies, which use the information to produce credit reports about individuals. Consumers use the credit reports to apply for loans and mortgages, landlords tap the reports before agreeing to rent apartments, and some employers review credit reports as part of the hiring process. A tarnished report can result in being turned down for a loan or having to pay higher rates.
The bank’s errors wrecked the credit of “tens of thousands” of its customers, the CFPB said.
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