Equifax and TransUnion fined $23 million for misrepresentation
In January 2017 two of the three largest US credit reporting bureaus, Equifax and TransUnion, were jointly fined $23 million in a settlement with the Consumer Financial Protection Bureau. CFPB held that the two companies marketed some of their products as free or costing $1 when in fact consumers were being signed up for subscriptions that cost $16 a month and that they deceived consumers into believing the scores they saw were the ones used in lending decisions.
Writer: Jonnelle Marte
Publication: Washington Post