HARRISBURG – PA Attorney General Michelle Henry announced a settlement with Equifax regarding the national consumer credit reporting agency’s error that resulted in inaccurate reports to lenders, inflating costs for tens of thousands of consumers with loans and insurance policies. Equifax estimated about 51,000 Pennsylvanians who applied for a loan or insurance experienced a negative score shift – meaning that Equifax provided inaccurate data that may have led to a lower credit score. The settlement, in the form of an assurance of voluntary compliance, prompts Equifax to pay a penalty of $470,000 to the PA Treasury, and $15,000 in additional costs to the Office of Attorney General. The settlement marks the largest penalty imposed in a consumer finance case by the Office of Attorney General since at least 2010. Equifax previously settled with the Office in 2019 following a massive data breach.
MICHELLE HENRY