CFPB Fines Experian for Deceiving Customers About Use of Credit Scores

The Consumer Financial Protection Bureau (CFPB) yesterday fined Experian and its subsidiaries $3 million “for deceiving consumers about the use of credit scores it sold to consumers,” an agency press release said. “Experian claimed the credit scores it marketed and provided to consumers were used by lenders to make credit decisions,” when in fact they were not. Experian must develop and implement a compliance plan within 90 days, as well as update it every two years to keep it current, according to the consent order. The consent order is here.

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