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

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.

 

Kevuntez King Paid for College Before He Began

There’s a young man in Memphis, TN that’s very proud of himself, as he should be. Kevuntez King has worked selling newspapers every Sunday for the last five years (from 12 to 17) earning $200 every week. Over the last five years, he’s earned around $50,000! That’s enough to pay for his tuition at Tennessee State University. Fox 13 reports,

King said he grew up in a single-parent home with his mother, whose influence paved his way to success.

“She just taught me how to be independent like she had it, (and) she just wanted me to go get it myself,” he said.

This story shows us:

• Encouraging young people to work can lead to great things.
• Encouraging young people to plan for their future brings a sense of accomplishment.
• Single parents can help motivate a child. Single parenthood isn’t the end of the world.
• When you set a goal, it’s easier to accomplish it.

I really enjoyed reading about Kevuntez King and I look forward to hearing about all the great things he’s going to accomplish in the future.