Agency orders TransUnion, Equifax to pay $23M for false ads
WASHINGTON - Federal regulators have ordered credit-reporting agencies TransUnion and Equifax to pay about $23 million for falsely advertising that the credit scores they sell consumers are the same ones lenders use to make credit decisions.
The Consumer Financial Protection Bureau announced Tuesday that TransUnion and Equifax must pay fines totaling $5.5 million and return about $17.6 million to wronged consumers. The agency also said the two companies lured consumers into payments of $16 or more per month for credit scores and credit-related products.
TransUnion, based in Chicago, and Atlanta-based Equifax Inc. are two of the three major credit-reporting agencies in the U.S. The credit scores they generate are used to determine whether consumers can qualify for a mortgage, a car loan, a cellphone plan and a range of other loans.
Desktop NewsClick to open Continuous News in a sidebar that updates in real-time.
Inmate charged with orchestrating 7-year tax fraud scheme from prison
Garth Brooks shares uplifting message to 'March for our Lives' students
WATCH: Gorilla caught on camera taking a stroll
Area mayors set to denounce plans for zoo move
Crying child wanders into parking lot after being left on school bus...