The Consumer Financial Protection Bureau revealed in a press release on Tuesday that it is not only fining TransUnion but Equifax as well for deceiving consumers in marketing credit scores and credit products.
Chicago-based TransUnion and Atlanta-based Equifax are two of the nation’s three largest credit reporting agencies. The other top credit reporting agency is Experian.
According to the bureau, it took action against Equifax, TransUnion, and their subsidiaries for deceiving consumers about the usefulness and actual cost of credit scores they sold to consumers.
The bureau also asserted that the companies lured consumers into costly recurring payments for credit-related products with false promises.