Credit Bureaus To Pay Millions For Alleged Deception
The Consumer Financial Protection Bureau (CFPB) took action against Equifax, Inc., TransUnion and their subsidiaries for deceiving consumers about the usefulness and actual cost of credit scores they sold to consumers. The companies also lured consumers into costly recurring payments for credit-related products with false promises. The CFPB ordered Transunion and Equifax to trufuthfully represent the value of the credit scores they provide and the cost of obtaining those credit scores and other services. Between them, TransUnion and Equifax must pay a total of more than $17.6 million in restitution to consumers, and fines totaling $5.5 million to the CFPB. To get more in depth information on credit bureaus having to pay millions for alleged deception click on the pictures below to read the articles.