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In personal finance, practically everything can turn on one's credit score. It's both an indicator of one's financial past, and the key to accessing necessities—without insane costs—in the future. But on Tuesday, the Consumer Financial Protection Bureau announced that two of the three major credit-reporting agencies responsible for doling out those scores—Equifax and Transunion—have been deceiving and taking advantage of Americans. The Bureau ordered the agencies to pay more than $23 million in fines and restitution.
In their investigation, the Bureau found that the two agencies had been misrepresenting the scores provided to consumers, telling them that the score reports they received were the same reports that lenders and businesses received, when, in fact, they were not. The investigation also found problems with the way the agencies advertised their products, using promotions that suggested that their credit reports were either free or cost only $1. According to the CFPB the agencies did not properly disclose that after a trial of seven to 30 days, individuals would be enrolled in a full-price subscription, which could total $16 or more per month. The Bureau also found Equifax to be in violation of the Fair Credit Reporting Act, which states that the agencies must provide one free report every 12 months made available at a central site. Before viewing their free report, consumers were forced to view advertisements for Equifax, which is prohibited by law.
(Score: 3, Interesting) by Kromagv0 on Friday January 06 2017, @03:04PM
I'm pretty libertarian but why can't companies be charged with stalking. If I, as a private individual, amassed the amount of information credit rating agencies and other data brokers have on just one individual I would be charged with stalking. Why can't some state attorney general go and do the same to a company. I also wonder if it is possible to get a restraining order against a company.
I have a special hatred of companies that work in and around the area of credit. Lenders who don't have their shit together when you are trying to pay off a loan in its entirety who then try to convince you to keep the loan. Credit reporting agencies who make it difficult and time consuming to clear up obvious errors. Debt collectors who screw the pooch and go after someone who is obviously the wrong person. About the only credit company I haven't had a problem with is my credit card company and the one time I had some fraudulent charges on my card I called them and they took them off without issue and then asked if I wanted to have them cancel that card and send me out a new one immediately which arrived in like 2 or 3 days.
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