CFPB Orders TransUnion and Equifax to pay $23.3M for Misleading Consumers

The U.S. Consumer Financial Protection Bureau ordered credit reporting agencies, TransUnion and Equifax, to pay more than $23.2 million in fines and restitution to consumers for deceiving them into enrolling in credit services advertised as free or costing only $1, but which could cost more than $200 a year after the expiration of the free trials. The CFPB alleged that the agencies falsely represented that the credit scores they sold to consumers were the same scores that lenders. Click here to read more.