• Safi Bello

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.

CFPB Orders TransUnion and Equifax to Pay for Deceiving Consumers in Marketing Credit Scores and Credit Products - Read More from Consumer Financial Protection Bureau
2 Credit-Reporting Agencies Must Pay $23 Million for Deceptive Practices - Read More from The New York Times
CFPB slaps another credit reporting agency with fine - Read More from Mortgage Professional America
CFPB Fines Equifax, TransUnion For Misleading Consumers - Read More from PYMNTS
Equifax, TransUnion Settle CFPB Claims of Deceptive Marketing - Read More from The Wall Street Journal
U.S. fines TransUnion, Equifax for deceit over credit scores - Read More from Reuters

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