January 9, 2017

Equifax and TransUnion to Pay $23.1 Million for Deceiving Consumers

Last week the U.S. Consumer Financial Protection Bureau (CFPB) announced that Equifax and TransUnion, two of the Big Three credit-reporting agencies, have been deceiving consumers and will pay a combined total of $23.1 million as a result – $17.6 million in restitution to consumers and fines of $5.5 million to the CFPB. According to CFPB, the credit-reporting agencies deceived consumers about the usefulness of their credit scores and lured consumers into subscription programs through a “negative option” structure.

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Consumers Enlisted to Help Enforce the California Online Privacy Protection Act (CalOPPA)

The California Online Privacy Protection Act (CalOPPA) applies to any organization that collects personally identifiable information (PII) from California residents. Lisa B. Dubrow, Esq., Subscription Insider Guide to Regulation and Compliance, explains the law, how consumers can now report violations, and what subscription and membership companies need to do to comply.

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