- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Adrianne Appel2025-01-09T15:18:00
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.
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Experian won a legal battle against the U.K. Information Commissioner’s Office after the data regulator ordered the credit reference agency to make “fundamental changes” over the way it handled personal data for direct marketing purposes or stop altogether.
The U.K. Information Commissioner’s Office issued an enforcement notice against Experian, ordering the credit reference agency to make “fundamental changes” to how it handles personal data related to its direct marketing services.
A report by the Government Accountability Office finds that the FTC and CFPB have oversight and enforcement shortcomings when it comes to credit reporting agencies.
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