CFPB fines Experian $3 million for deceiving consumers in marketing credit scores

Still at work, the Consumer Financial Protection Bureau announced today action against credit reporting agency Experian for deceiving consumers about the use of credit scores it sold to consumers. Experian claimed the credit scores it marketed and provided to consumers were used by lenders to make credit decisions. In fact, lenders did not use Experian’s scores to make those decisions. The CFPB ordered Experian to truthfully represent how its credit scores are used. Experian must also pay a civil penalty of $3 million.

The CFPB's press release is here.

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