Consumer Bureau Action Tracker

CFPB – Experian Holdings, Inc., Experian Information Solutions, Inc., and ConsumerInfo.com, Inc., d/b/a Experian Consumer Services


State

Nationwide

target

Experian Holdings, Inc., Experian Information Solutions, Inc., and ConsumerInfo.com, Inc., d/b/a Experian Consumer Services

Topics

Enforcement, Consumer Finance

In March 2017, the CFPB announced that “credit bureau Experian will pay a $3-million fine to settle claims that the firm sold credit scores that were of little or no use to consumers.” The CFPB alleged that Experian “offered its own score to consumers and misleadingly implied those scores were ‘the same type of information lenders see when assessing your credit.'” The CFPB “acknowledged that Experian disclosed that its educational scores were not the scores used by lenders, but the bureau argued that the disclosures were not prominent enough.” Experian did not admit wrongdoing in the settlement.

  • “Costa Mesa credit bureau Experian will pay a $3-million fine to settle a federal regulator’s claims that the firm sold credit scores that were of little or no use to consumers. The Consumer Financial Protection Bureau announced the fine and settlement Thursday.” [James Rufus Koren, “Credit bureau Experian fined $3 million over misleading credit scores”, Los Angeles Times, 03/23/17]
  • “In its order, the CFPB acknowledged that Experian disclosed that its educational scores were not the scores used by lenders, but the bureau argued that the disclosures were not prominent enough. Experian did not admit or deny wrongdoing in the settlement.” [James Rufus Koren, “Credit bureau Experian fined $3 million over misleading credit scores”, Los Angeles Times, 03/23/17]

 

Status

Inactive or Resolved


2017-CFPB-0012 3/23/2017 3/23/2017

CFPB Fines Experian $3 Million for Deceiving Consumers in Marketing Credit Scores
http://www.consumerfinance.gov/about-us/newsroom/cfpb-fines-experian-3-million-deceiving-consumers-marketing-credit-scores/

  • Consumer Financial Protection Bureau (CFPB)
  • Administrative filing
  • None
  • Nonbank
  • $3,000,000
  • Thousands

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