The Consumer Financial Protection Bureau (CFPB) has ordered TD Bank to pay $28 million for illegal actions that could tarnish consumer credit reports and for not taking timely action to correct its errors.

The CFPB’s investigation found that for several years, TD Bank repeatedly gave inaccurate account information to consumer reporting companies, which at times contained systemic errors about personal bankruptcies and credit card delinquencies, the bureau said Wednesday.

Consumer credit reports are used by financial institutions, employers and landlords to decide whether to extend credit, housing or employment to a consumer.

The bank details ⇒

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