Equifax, Australia’s largest consumer credit reporting agency, has been fined $3.5 million for misleading, deceptive and unconscionable conduct. The Federal Court handed down the fine after the Australian Competition and Consumer Commission initiated proceedings against Equifax in March of this year.
The ACCC alleged breaches of the Australian Consumer Law, stating that Equifax made a range of false or misleading representations to consumers, including that its paid credit reports were more comprehensive than the free reports. Equifax, formerly Veda Advantage, admitted to breaching the consumer law in 2016 and 2017 when its representatives made false or misleading representations to consumers during phone calls. The company told consumers they would be charged a one-off payment for their packages but neglected to tell them the payments would automatically renew.
ACCC commissioner Sarah Court said that Equifax had caused people to spend money when they were not required to.
Source: Mortgage Business Asia