July 24, 2014 11:08 PM ET

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Company Overview of Equifax Information Services LLC

Company Overview

Equifax Information Services LLC collects and reports consumer information to financial institutions. The company was formerly known as Equifax Credit Information Services Inc. and changed its name to Equifax Information Services LLC in June 2004. The company was incorporated in 1937 and is based in Atlanta, Georgia. Equifax Information Services LLC operates as a subsidiary of Equifax Inc.

1550 Peachtree Street NW

Atlanta, GA 30309

United States

Founded in 1937

Phone:

404-885-8000

Fax:

404-885-8682

Key Executives for Equifax Information Services LLC

Equifax Information Services LLC does not have any Key Executives recorded.

Equifax Information Services LLC Key Developments

Equifax Information Services LLC to Pay $18.4 Million Damages Relating to Credit Report Errors Suit

Equifax Information Services LLC has been ordered by an Oregon federal district court to pay $18.4 million in punitive damages and $180,000 in compensatory damages in a suit filed by a consumer. Julie Miller disputed certain inaccuracies in her credit report following a denial of credit by a bank in December 2009. She asked Equifax to make the necessary corrections to the entry errors, such as her social security number and birthday, to no avail. Miller reached out to Equifax 8x from 2009 to 2011 to straighten out the mistakes. Aside from failing to correct the errors in her credit report, Miller also alleged in her suit that Equifax failed to provide her with copies of the credit report despite several requests. Credit bureaus are required by law to provide such reports free of charge to its consumers.

Appeals Court Overturns $45 Million Settlement Involving Credit Bureaus

The Ninth U.S. Circuit Court of Appeals overturned a $45 million class action settlement involving the three major credit-reporting agencies. The settlement reportedly would have been the second-largest in a case involving the Fair Credit Reporting Act. The plaintiffs, individuals who had gone through bankruptcy, sued Equifax Information Services LLC, Experian Information Systems Inc. and TransUnion LLC in 2005 and 2006 claiming violations of the FCRA and California law. The complaints alleged the defendants had illegally reported debts after they were discharged, in many cases preventing the debtors from obtaining loans, housing rentals or jobs. The court said plaintiff's lawyers created an unacceptable conflict of interest by negotiating a deal where their named clients would receive $5,000 apiece as long as they didn't object to far smaller awards for the other class members. Judge Ronald Gould, writing for the Ninth Circuit, scolded lawyers at prominent firms Lieff Cabraser and the National Consumer Law Center for knowingly setting up the conflict and failing to alert the court about it. Because the named plaintiffs stood to make $5,000 by agreeing to the settlement, which promised some $16 million in fees for the lawyers, and as little as $26 if they didn't. A settlement on non-monetary relief, under which the defendants agreed to new procedures that would presume the discharge of certain pre-bankruptcy debts, was reached in 2008 and drew no objections. The monetary settlement that was the subject of ruling was reached in 2009. Under that agreement, the three defendants would have contributed $45 million to a settlement fund. After payment of expenses - including the more than $16 million in attorney fees - and incentive awards, any absent class members claiming actual damages would receive between $150 and $750 each depending on the type of damage they were claiming, while those who submitted claim forms but did not allege actual damages would receive "convenience" payments. U.S. District Judge David O. Carter of the Central District of California had originally found the settlement to be fair and adequate. But Gould distinguished the agreement from class-action settlements with incentive awards that the court had approved in the past.

Federal Trade Commission Approves Final Order Settling Charges Against Equifax Information Services LLC

Federal Trade Commission(FTC) has approved that Equifax Information Services LLC violated the Fair Credit Reporting Act and Section 5 of the Federal Trade Commission Act by improperly selling lists of millions of consumers who were late on their mortgages. Final order settling charges that Equifax Information Services LLC in settling the FTC's complaint, Equifax agreed to pay its full $392,803 gross revenues as disgorgement of its ill-gotten gain from the conduct challenged by the Commission's complaint. The order also prohibits Equifax from furnishing prescreened lists to anyone that it does not have reason to believe has a permissible purpose to receive them, failing to maintain reasonable procedures designed to limit the furnishing of prescreened lists to anyone except those who have a permissible purpose to receive them and selling prescreened lists in connection with offers for debt relief products or services and mortgage assistance relief products and services, when advance fees are charged, with limited exceptions. The Commission vote approving the final order and was 3-0-2, with Commissioner Joshua D. Wright and former Chairman Jon Leibowitz not participating.

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