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
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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