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TransUnion, Equifax fined $23 million for deceiving customers

Staff Writer |
The U.S. Consumer Financial Protection Bureau or CFPB fined credit reporting agencies TransUnion and Equifax.

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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.

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