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From The Associated Press 3 January 2017:
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The Consumer Financial Protection Bureau announced Tuesday that TransUnion and Equifax must pay fines totaling $5.5 million and return about $17.6 million to wronged consumers. The agency also said the two companies lured consumers into payments of $16 or more per month for credit scores and credit-related products.
TransUnion, based in Chicago, and Atlanta-based Equifax Inc. are two of the three major credit-reporting agencies in the U.S. The credit scores they generate are used to determine whether consumers can qualify for a mortgage, a car loan, a cellphone plan and a range of other loans.
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The Consumer Financial Protection Bureau announced Tuesday that TransUnion and Equifax must pay fines totaling $5.5 million and return about $17.6 million to wronged consumers. The agency also said the two companies lured consumers into payments of $16 or more per month for credit scores and credit-related products.
TransUnion, based in Chicago, and Atlanta-based Equifax Inc. are two of the three major credit-reporting agencies in the U.S. The credit scores they generate are used to determine whether consumers can qualify for a mortgage, a car loan, a cellphone plan and a range of other loans.
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article