Equifax and TransUnion to Pay $23.1 Million for Deceiving Consumers
Agencies oversold value of products and lured consumers into recurring payments
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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