CFPB Orders Equifax to Pay $15 Million for Improper Investigations of Credit Reporting Errors

A January 2025 Consumer Financial Protection Bureau Press Release headline reads "CFPB Orders Equifax to Pay $15 Million for Improper Investigations of Credit Reporting Errors."

The Consumer Financial Protection Bureau (CFPB) took action against Equifax, the nationwide consumer reporting agency, for its failure to conduct proper investigations of consumer disputes. The CFPB found 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.

The $15 million civil money penalty, which was to be deposited into the CFPB’s victims relief fund, is approximately 0.44% of its 2025 gross Profit: $3.429 billion.

To put this in perspective for working folks... a person earning $50,000 per year would face a penalty amount of exactly $220 if penalized at the equivalent rate of 0.44%.

Maybe it's just me, but that seems like a far, far, far, far too low penalty for ruining the credit of hundreds of thousands of people (or more).

What would be a more appropriate penalty? I would favor the following actions:

• Have the Federal Government assume immediate public control of the company.
• Establish new non-dillutable "Public" class shares in the company that total a majority controlling interest.
• Enable the public to purchase non-dillutable "Public" class shares at a federally subsidized 20% of market value share price.
• Hold public voting on new "Public" seats on the Board Of Directors.
• Hold a vote to fire Senior Managers who presided over the infractions.
• Forfeit all Stock Options and currently held shares belonging to Senior Managers who presided over the infractions.
• Impose a financial penalty of no less than 25% of the prior years Gross Profit – and use the penalty funds to fund the subsidized "Public" stock purchase funds pool.

These are measures that would ensure a swift end to these kinds of actions on the part of the company and its managers. These measures would also ensure the Public interest is prioritized and served.

What do you think?

Note: I was unable to find a page or a list of directors and managers who run the Consumer Financial Protection Bureau on its website. Hmmm...