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Credit Reporting Agencies Fined $23 Million For Practices

Credit Reporting Agencies Fined $23 Million For Practices
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Have Two Major Credit Reporting Agencies Lied to Consumers?

Imagine how much money inaccurate scores have costs consumers. As The Atlantic pointed out, credit scores affect lender interest rates. Something as seemingly small as a two-percentage-point increase or decrease could amount to thousands of dollars.
via legalinsurrection.com

After a lengthy investigation, the Consumer Financial Protection Bureau reports that two of the three major credit reporting agencies have deceived consumers.
Both Equifax and Transunion were dinged for deceit and also for taking advantage of consumers. The agencies were fined over $23 million.

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