Experian failed to correct flawed financial data about consumers, CFPB complaint alleges

Experian, the credit reporting giant, let compliance slide when it came to addressing consumer complaints about incorrect data, the Consumer Financial Protection Bureau (CFPB) said in a lawsuit against the credit agency.

Companies that collect and share personal and financial data are required to take consumer and customer complaints about inaccurate data seriously, and the Fair Credit Reporting Act requires the same of credit reporting agencies. They’re required to have procedures in place for accepting complaints, investigating them, and notifying people about the outcome.

Experian, which has U.S. operations based in California and its parent company based in Ireland, collects and reports data on nearly every American adult. It receives information from banks, credit card companies, and debt collectors.