On January 3, 2017, the Consumer Financial Protection Bureau announced it was levying fines against two of the largest credit reporting agencies, Equifax and TransUnion. the Bureau charged that the two companies provided different reports to consumers than they did to lenders and others who make credit decisions, that they deceived consumers into receivng a “free” credit report but really enrolling them in a subscription program with recurring charges. The CFPB stated that this subscription program was not made clear to users when they signed up.
The Bureau is requiring that the two companies pay a total of more than $17.6 million in restitution and $5.5 million in fines.
Read the full CFPB statement here.
Copyright for image: jk1991 / 123RF Stock Photo