Experian fined $3 million for deceiving consumers about credit scores sold to them

Summary

The Consumer Financial Protection Bureau fined Experian $3 million in March 2017 for deceiving consumers about how credit scores it marketed and sold were used. According to the CFPB, Experian represented that the credit scores it provided to consumers were used by lenders when making credit decisions. The Bureau found that lenders did not use those scores for those lending decisions. In some instances, there were significant differences between Experian's PLUS Scores sold to consumers and the credit scores lenders actually used. As a result, consumers could receive an inaccurate picture of how lenders assessed their creditworthiness. The CFPB also found violations of the Fair Credit Reporting Act connected with advertisements consumers were shown before obtaining free annual credit reports. Experian agreed to pay a $3 million civil penalty and comply with requirements concerning future representations about credit scores. Primary source: Consumer Financial Protection Bureau — CFPB Fines Experian $3 Million for Deceiving Consumers in Marketing Credit Scores: https://www.consumerfinance.gov/archive/newsroom/cfpb-fines-experian-3-million-deceiving-consumers-marketing-credit-scores/