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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsU.S. fines TransUnion, Equifax for deceit over credit scores
By Jonathan Stempel and Lisa Lambert
A U.S. regulator on Tuesday ordered credit reporting agencies TransUnion (TRU.N) and Equifax Inc (EFX.N) to pay more than $23.2 million in fines and restitution for deceiving consumers about the usefulness and cost of credit scores they bought.
The U.S. Consumer Financial Protection Bureau said the payments also resolve charges that TransUnion and Equifax lured consumers into enrolling in credit services advertised as free or costing only $1, but which could cost more than $200 a year.
TransUnion will reimburse $13.93 million to consumers and pay a $3 million civil fine, while Equifax will reimburse $3.8 million and pay a $2.5 million civil fine, the CFPB said.
Many lenders rely on credit scores from TransUnion, Equifax and rival Experian when lending money.
But the CFPB said TransUnion and Equifax falsely represented that the credit scores they sold to consumers were the same scores that lenders used.
http://www.reuters.com/article/us-usa-cfpb-transunion-equifax-idUSKBN14N1T5?feedType=RSS&feedName=topNews&utm_source=twitter&utm_medium=Social
angrychair
(8,699 posts)If a person committed fraud and wire fraud and fraud by mail, they would be going to jail for a long time but a corporation pays a small fine, often cents or less on the dollar and all is forgiven. So tired of that crap.
octoberlib
(14,971 posts)MindPilot
(12,693 posts)A few months ago I attempted to pull my credit reports, mostly to see if Wells Fargo had opened any accounts I didn't know about.
I have a good long credit history; I'm on my fourth house, my Amex card says "Customer since 1970", and I've lost count of the number of cars I've bought. Yet one of them cannot find any records relating to my credit history, the other snail-mailed me a bunch of paperwork that I had to fill out so they could "try to identify my records" for the low low fee of ten dollars. (I'm not paying for access to my own records..just not gonna do it.) Only one actually produced the report and score online.
angrychair
(8,699 posts)A credit score is a lie built on a lie.
CousinIT
(9,245 posts)want to gut/dismantle.