TransUnion, Equifax fined $23 million for deceiving customers
They were fined for deceiving consumers with their marketing about the usefulness and actual cost of credit scores they sold.
The U.. regulator's enforcement action totals more than $23 million in fines and restitution, also for luring consumers into costly recurring payments.
In a statement, CFPB stated that TransUnion and Equifax, between them, must pay a total of more than $17.6 million in restitution to consumers, and fines totaling $5.5 million to the CFPB.
In this, TransUnion must provide more than $13.9 million in restitution to affected 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.
The CFPB said that TransUnion, since at least July 2011, and Equifax, between July 2011 and March 2014, violated the Dodd-Frank financial reform law. ■