POST Online Media Lite Edition



 

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.

Article continues below






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.


What to read next

China's CSRC fines three top brokerages for dealings with Citadel (Shanghai) Trading Company
French watchdog fines Societe Generale 5m euros over anti-money laundering shortcomings
Latvian banks fined for breaching North Korea sanctions