TD Bank Fined $28 Million for FCRA Violations: Consumers Urged to Know Their Rights

New York, USA, 2025-06-14 — /EPR Network/ — The Consumer Financial Protection Bureau (CFPB) has ordered TD Bank to pay $28 million for illegally damaging consumers’ credit reports. According to a September 2024 consent order, TD Bank failed to meet the Fair Credit Reporting Act’s (FCRA) “reasonable investigation” standard when handling consumer disputes and knowingly reported false, incomplete, or fraudulent credit information to consumer reporting agencies (CRAs).

Widespread Consumer Harm

The CFPB found that TD Bank falsely reported credit card delinquencies, inaccurately labeled closed or paid accounts as delinquent, and reported fraudulent accounts as legitimate. In many cases, TD Bank delayed correcting errors—even after discovering the fraud—leaving thousands of consumers with tarnished credit that blocked access to housing, employment, and credit opportunities.

Penalty Breakdown:

• $7.76 million in direct relief to affected consumers

• $20 million in civil penalties

This is not TD Bank’s first offense. In 2020, the bank paid $122 million for illegal overdraft practices. This pattern of misconduct shows a troubling disregard for consumer protections.

Why This Matters

When banks like TD fail to provide accurate data to CRAs or neglect proper investigations of consumer disputes, they violate the FCRA—a federal law designed to protect credit information and ensure fairness. The law requires furnishers, like TD Bank, to:

• Provide accurate, complete data to CRAs

• Investigate disputes within 30 days

• Promptly correct mistakes

TD Bank ignored these obligations, causing significant harm to consumers who had little or no recourse on their own.

How Credit Reporting Works

Banks send your account info—such as payment history and account status—to CRAs like Equifax, TransUnion, and Experian. These CRAs generate credit reports used by lenders, landlords, and employers. Inaccurate data on these reports can mean:

• Denied loans or credit

• Higher interest rates

• Rejected rental or job applications

The FCRA exists to prevent this kind of harm and mandates that financial institutions follow strict guidelines, including Regulation V, which outlines how and when furnishers must update or correct data and respond to consumer disputes.

What You Can Do If Your Report Is Wrong

If your credit report has errors tied to TD Bank or any other furnisher:

1. File a dispute with the credit bureau—response is required within 30 days.

2. Document everything—keep a record of all communication.

3. Contact a consumer attorney—legal professionals can help enforce your rights and seek compensation if necessary.

Consumer Attorneys Is Here to Help

At Consumer Attorneys, we fight for people whose lives are disrupted by inaccurate or unfair credit reporting. We understand the damage it can cause—and we act. While TD Bank’s CEO earned over $13 million last year, countless Americans struggled with financial barriers created by the bank’s failures.

Banks are entrusted with people’s financial futures. When they violate that trust, they must be held accountable. Our firm ensures that consumers aren’t left alone to deal with the consequences of corporate negligence or greed.

Schedule a Free Consultation

If TD Bank’s actions have impacted your life, don’t wait. You may not know if you need legal help until you talk to someone who does. Contact Consumer Attorneys today for a free consultation. Your credit, your rights, and your future matter.