CFPB TAKES ACTION AGAINST EQUIFAX AND TRANS UNION CREDIT BUREAUS
The Consumer Financial Protection Bureau (CFPB) took action against Equifax, Trans Union and their subsidiaries for deceiving consumers about the usefulness and actual cost of credit scores sold to consumers. According to the CFPB papers, Equifax and Trans Union also lured consumers into costly recurring payments for credit related products with false promises.
The CFPB ordered Equifax and Trans Union to truthfully represent the value of credit scores and other services. Between them, Trans Union and Equifax must pay a total of more than $17.6 million in restitution to consumers, and fines totaling $5.5 million to the CFPB.
The Adkins Firm represents consumers with credit report errors. The Fair Credit Reporting Act (FCRA) gives consumers the right to a free credit report and the right to dispute credit report errors. If the credit reporting agencies fail to comply with the federal law, then they may have to pay consumers’ actual damages, statutory damages, punitive damages, attorney’s fees and costs.
The Adkins Firm regularly litigates FCRA cases in federal court against the credit reporting agencies, including Equifax and Trans Union. Do you have errors on your credit report? Have you disputed the false information, but the credit bureaus refuse to delete inaccurate information from your credit report?
Contact us 24/7 for a free case review at 1-800-263-9091.