Equifax fined for inadequate customer service

In 2000, and then again in 2003, the US Federal Trade Commission fined Equifax for blocking phone calls from consumers trying to get information about their credit or discuss their reports or making them wait for extended periods of time in violation of the Fair Credit Reporting Act. In 1996, Congress amended FCRA to require credit bureaus to supply a free phone number on the credit reports issued to consumers. The FTC claimed that the company maintained insufficient personnel to answer calls. The company and its two major competitors, Experian and Trans Union, were collectively fined $2.5 million in 2000. In 2003, the FTC fined Equifax $250,000 for failing to meet the performance standards set out in the 2000 consent decree.

https://www.ftc.gov/news-events/press-releases/2003/07/equifax-pay-250000-settle-charges

Writer: FTC

Publication: FTC