cfpb 01Two Major Credit Reporting Agencies Have Been Lying to Consumers

 

This is a theatlantic.com article.

 

A CFPB investigation concluded that Transunion and Equifax deceived Americans about the reports they provided and the fees they charged.

In personal finance, practically everything can turn on one’s credit score. It’s both an indicator of one’s financial past, and the key to accessing necessities—without insane costs—in the future. But on Tuesday, the Consumer Financial Protection Bureau announced that two of the three major credit-reporting agencies responsible for doling out those scores—Equifax and Transunion—have been deceiving and taking advantage of Americans. The Bureau ordered the agencies to pay more than $23 million in fines and restitution.

Continue reading article.

PiggyBankBlog Bailiff: “All rise! The honorable Congresswoman Marcy Kaptur has entered the Courtroom of Public Opinion!”