The CFPB took action against Experian and its subsidiaries for deceiving consumers about the use of credit scores sold to consumers. The agnecy ordered Experian to pay a $3 million penalty.
The bureau also ordered the Costa Mesa, Calif.-based Experian to truthfully represent how its credit scores are used. Experian claimed the credit scores it marketed and provided to consumers were used by lenders to make credit decisions.
"Experian deceived consumers over how the credit scores it marketed and sold were used by lenders," CFPB Director Richard Cordray said. "Consumers deserve and should expect honest and accurate information about their credit scores, which are central to their financial lives."
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Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
