#Equifax #TransUnion Credit Ratings Agencies Have Been Lying to Consumers
In their investigation, the Bureau found that the two agencies
had been misrepresenting the scores provided to consumers,
telling them that the score reports they received were the
same reports that lenders and businesses received, when, in
fact, they were not.
The investigation also found problemswith the way the agencies advertised their products, using promotions that suggested that their credit reports were either free or cost only $1.
According to the CFPB the agencies did not properly disclose that after a trial of seven to 30 days, individuals would be enrolled in a full-price subscription, which could total $16 or more per month.
The Bureau also found #Equifax to be in violation of the Fair Credit Reporting Act, which states that the agencies must provide one free report every 12 months made available at a central site.
Before viewing their free report, consumers were forced to view advertisements for Equifax, which is prohibited by law.
Regulators order TransUnion, Equifax to pay $23M for misleading customers about the credit scores they paid for. https://t.co/9LmyB1C6HC
— The Associated Press (@AP) January 4, 2017
— Reuters Business (@ReutersBiz) January 3, 2017
— polchinello 🌱⌛ (@donahuejm) January 4, 2017