CFPB Fines TransUnion and Equifax

The Consumer Financial Protection Bureau fined TransUnion and Equifax over $23 million in fines and restitution for deceiving consumers “into paying for data that had little beneficial value,” reported the American Banker. Director Richard Cordray, in a CFPB press release, said: “TransUnion and Equifax deceived consumers about the usefulness of the credit scores they marketed and lured consumers into expensive recurring payments with false promises. Credit scores are central to a consumer’s financial life, and people deserve honest and accurate information about them.” The consent orders for Equifax and TransUnion are available at each link.

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