Experian Fined by CFPB Months After TransUnion
Experian Fined by CFPB Months After TransUnion and False advertising is defined as misleading consumers or potential consumers with incorrect or unproven information. You might say that Experian, one of the major credit scoring agencies, was found guilty of this recently. Specifically, Experian was fined $3 million by the Consumer Financial Protection Bureau (CFPB) for incorrectly telling consumers that the credit scores it offered were used by lenders to make decisions.
In addition to the fine, the CFPB informed Experian that it must be honest and accurate when relaying messages about the credit scores it offers moving forward.