East Hawaii News

Hawai’i to Receive Portion of $6M Credit Settlement

May 22, 2015, 9:38 AM HST
* Updated May 22, 11:51 AM
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Hawai’i’s Department of Commerce and Consumer Affairs’ Office of Consumer Protection and 30 additional state attorneys have announced a settlement of $6 million with three national credit reporting agencies: Equifax Information Services LLC, Experian Information Solutions Inc., and TransUnion LLC. Of the $6 million, Hawai’i is expected to receive nearly $100,000. DCCA officials say the money will be used to enforce consumer protection laws in Hawai’i.

In the settlement, the reporting agencies will not only pay a hefty fee, but have also agreed to make changes to their practices in order to benefit the consumer.

“This settlement makes the credit reporting agencies much more accountable to consumers who raise concerns regarding inaccuracies or errors contained in their credit reports,” said OCP Executive Director Stephen Levins.

The credit reporting agencies have agreed, under the settlement, to increase monitoring of data furnishers, to request additional information about furnishers of certain types of data, to limit certain information that can be added to a credit report, to provide additional consumer education, and to comply with state and federal laws, including the Fair Credit Reporting Act.

These changes will be implemented through three phases, which will allow for the agencies to update their IT systems and procedures with data furnishers.

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