U.S. fines TransUnion, Equifax for deceit over credit scores
By Jonathan Stempel and Lisa Lambert
A U.S. regulator on Tuesday ordered credit reporting agencies TransUnion (TRU.N) and Equifax Inc (EFX.N) to pay more than $23.2 million in fines and restitution for deceiving consumers about the usefulness and cost of credit scores they bought.
The U.S. Consumer Financial Protection Bureau said the payments also resolve charges that TransUnion and Equifax lured consumers into enrolling in credit services advertised as free or costing only $1, but which could cost more than $200 a year.
TransUnion will reimburse $13.93 million to consumers and pay a $3 million civil fine, while Equifax will reimburse $3.8 million and pay a $2.5 million civil fine, the CFPB said.
Many lenders rely on credit scores from TransUnion, Equifax and rival Experian when lending money.
But the CFPB said TransUnion and Equifax falsely represented that the credit scores they sold to consumers were the same scores that lenders used.
http://www.reuters.com/article/us-usa-cfpb-transunion-equifax-idUSKBN14N1T5?feedType=RSS&feedName=topNews&utm_source=twitter&utm_medium=Social
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