CFPB Forces TransUnion and Equifax to Return $17.6 million to Customers

Consumer Financial Protection Bureau

The Consumer Financial Protection Bureau strikes again!

When the Consumer Financial Protection Bureau was created in 2011, its whole goal was to help the American consumer.

In July 2010, Congress passed and President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Act created the Consumer Financial Protection Bureau (CFPB). The CFPB consolidates most Federal consumer financial protection authority in one place. The consumer bureau is focused on one goal: watching out for American consumers in the market for consumer financial products and services.

It seems to be doing it’s job. From helping Wells Fargo customers and military families to pawn shop consumers. Now, the Consumer Financial Protection Bureau is helping TransUnion and Equifax customers:

Equifax, Inc., TransUnion, and their subsidiaries for deceiving consumers about the usefulness and actual cost of credit scores they sold to consumers. The companies also lured consumers into costly recurring payments for credit-related products with false promises. The CFPB ordered TransUnion and Equifax to truthfully represent the value of the credit scores they provide and the cost of obtaining those credit scores and other services.

It’s good to know that the Consumer Financial Protection Bureau is on the job.

 

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