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U.S. PIRG Contact:
Patrice Snow (c) 803.317.1181
Yesterday, the Consumer Financial Protection Bureau (CFPB) took disciplinary action against the credit bureau Experian and its subsidiaries for claiming the credit scores it marketed and provided to consumers were used to make credit decisions when in fact they were not. The CFPB’s action not only means Experian must be fully transparent on how credit scores are used, but also fined the company a civil penalty of $3 million.
The following can be attributed to Ed Mierzwinski, the Consumer Program Director at U.S. PIRG:
“Again, the CFPB has held a powerful wrongdoer accountable. Experian adds insult to injury when it first fails to keep your credit report accurate, and then deceptively markets you a second-rate credit score. Director Richard Cordray and the CFPB have proven once again that they are the consumer’s champion and dismantling or weakening this vital agency would be a disaster for America.”
You can read the CFPB’s full Consent Order against Experian here.
U.S. PIRG is the federation of state Public Interest Research Group. PIRGs are non-profit, non-partisan public interest advocacy organizations that stand up to powerful interests whenever they threaten our health and safety, our financial security, or our right to fully participate in our democratic society. On the web at www.uspirg.org.
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