TransUnion and Equifax Ordered to Pay $23 Million for Deceptive Practices

Dealing with the Credit Reporting Agencies is essential to our financial lives and what is listed on our credit reports are up to the consumer to ensure is accurate.  What better way to ensure accuracy on your credit report then to enroll into a free program offered by Equifax and TransUnion?  That is exactly what consumers did, but in the end, consumers ended up paying money for the credit services and found out that the credit scores TransUnion and Equifax were giving them, wasn’t the same credit score being issued to lenders.

Recently, TransUnion and Equifax were fined $23 million by the Consumer Financial Protection Bureau (CFPB), for luring customers into enrolling in credit services that were marketed as free, but ended up costing consumers upwards of $200 a year.  What did these customers get for paying for this service?  TransUnion and Equifax falsely represented different credit scores to lenders and customers.

What if the information provided on your credit report is inaccurate?  If TransUnion and Equifax are going to deceive how much credit reporting is going to costs, how much inaccurate information do you think is on the actual credit report itself?   When is the last time that you checked your credit reports?  If it has been over a year, you can go to www.annualcreditreport.com and get a copy for free.  When looking over your credit reports, some common inaccuracies to look for are identity theft, judgments listed, but not currently owed and common name mix-ups such as John Smith who lives New York, has items on his credit report from John Smith living in Nebraska.  If you find these inaccuracies or any other inaccuracies in your credit reports or you are interested in learning more about our firm, visit our website at www.creditrepairlawyersam.com, email gary@crlam.com, or phone us at (404) 591-6680.