Misrepresentation: Why Did the CFPB Just Hit Experian with a $3M Penalty?

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Misrepresentation: Why Did the CFPB Just Hit Experian with a $3M Penalty?

Apr, 7th 2017

The federal government's consumer finance watchdog on Thursday announced a $3 million fine against Experian, one of the country's three largest credit bureaus, for misrepresenting the value of certain credit scores to consumers.

If this announcement is giving you a sense of deja vu, you're not alone: On January 3, the Consumer Financial Protection Bureau announced a similar action against Equifax and TransUnion, the other two major credit bureaus, for very similar allegedly misleading behavior.

Like in the January complaint against TransUnion and Equifax, the CFPB alleges Experian made some of their offerings seem better than they were. In many cases, the CFPB says, Experian made it seem that people were buying the actual credit scores that get used by lenders — everyone from credit card companies...

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