TransUnion

The Consumer Financial Protection Bureau took action against TransUnion and its subsidiaries in January 2017 for deceiving consumers about the usefulness and actual cost of credit scores and credit-related products. The CFPB found that TransUnion represented that credit scores marketed and sold to consumers were the same scores lenders typically used when making credit decisions. According to the Bureau, those scores were not typically used by lenders for those decisions. The CFPB also found that TransUnion marketed credit-related products as free or costing only one dollar while consumers could subsequently be enrolled in recurring subscription programs unless they cancelled. The Bureau concluded that consumers were not provided sufficiently clear disclosures concerning the recurring nature and cost of the subscriptions. TransUnion was ordered to provide more than $13.9 million in restitution to affected consumers and pay a $3 million civil penalty. The total financial consequences exceeded $16.9 million. Primary source: Consumer Financial Protection Bureau — TransUnion enforcement action: https://www.consumerfinance.gov/enforcement/actions/transunion-interactive-inc-transunion-llc-and-transunion/