CFPB Orders TransUnion and Equifax to Pay for Deceiving Consumers in Marketing Credit Scores
The Consumer Financial Protection Bureau today announced it has taken action against Equifax and TransUnion 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 said that from 2011 to March 2014, TransUnion and Equifax falsely represented that the credit scores they marketed and provided to consumers were the same scores lenders typically use to make credit decisions. In fact, the scores were not typically used by lenders. Plus, TransUnion and Equifax falsely claimed that their credit...
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