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Experian Fined for Misrepresenting Credit score Scores

Posted To: MND NewsWire

It wasn’t specifically bait and switch, possibly unlawful substitution is nearer to the mark. Whatever, Experian, the credit reporting company, has been handing consumers a line about their credit scoring system and CFPB caught them. The Client Financial Security Bureau (CFPB) introduced on Thursday Experian and its subsidiaries have agreed to a $3 million civil penalty for deceiving consumers about its possess proprietary model of credit scores. The company claimed the credit scores it promoted and supplied to consumers have been used by loan providers to make credit selection. CFPB claims, in point, loan providers do not use these scores. Credit score scores are numerical summaries created to predict customer payment habits in utilizing credit. CFPB states that no one credit rating or credit scoring model is used by each loan company…(read additional)

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