The US Consumer Financial Protection Bureau Fines TransUnion and Equifax

Posted by Joachim Bartels | Jan 8, 2017 | CFPB/Consumer Financial Protection Bureau, Member News, Regulatory News, The BIIA Network, United States | 0 |

The two companies are mislead customers into buying products with recurring payments, says the CFPB. Also, the credit scores the customers were buying were not necessarily the same used by lenders.

Neither admitting nor denying the charges, TransUnion agrees to pay a $3M fine and $13.9M in restitution, and Equifax a $2.5M fine and $3.8M in restitution.

To read the full press release of the CFPB, please click on this link

Source: Seeking Alpha

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Joachim Bartels

Joachim C Bartels is a co-founder, director, head of information resources and Editor-in-Chief of BIIA. In his capacity as Editor-in-Chief he is responsible for the selection of relevant information content concerning industry insights, trends, technological developments, standards and policies impacting BIIA members in particular and the business information industry in general.

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