Credit-reporting agencies Equifax and TransUnion have been hit with $23.2 million in fines after allegedly deceiving customers. The U.S. Consumer Financial Protection Bureau said the agencies tricked consumers into thinking their services were much cheaper than they actually were, with services advertised for only $1 turning out to cost $200 a year.
TransUnion has been ordered to pay $13.93 million back to consumers, as well as a $3 million fine. EquiFax is expected to repay $3.8 million to consumers and pay a $2.5 million fine, according to the CFPB. Both companies are accused of engaging in deceitful marketing practices since 2011, though EquiFax reportedly stopped the practice in 2014. The companies will also have to change their marketing practices to obtain consent for any payments that kick in after free trial periods. Read more.