July 10, 2018 / 9:59 PM / a month ago

Lawsuit alleges Equifax misreports consumers' paid-off accounts

By Dena Aubin Equifax has been hit with a proposed class action in California accusing it of reporting that borrowers had monthly payments due on accounts that had been paid in full and closed, undermining borrowers’ efforts to improve their credit scores by paying down debt.

The lawsuit filed on Monday in Los Angeles federal court accused the credit bureau of violating the U.S. Fair Credit Reporting Act by failing to take reasonable steps to assure that its consumer reports were accurate. As many as thousands of consumers may have been affected by the errors, the lawsuit said.

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