Another settlement reached with a credit bureau marks the third such action in as many months and the third of the big three credit repositories to settle.
In late December,
TransUnion revealed in a Securities and Exchange Commission filing a $19.4 million settlement with the Consumer Financial Protection Bureau.
Then, just a few days later in January,
the CFPB announced that it issued a consent order against Equifax that will cost the company $6.3 million.
On Thursday, the bureau reported that
a consent order has been reached with Experian.
Like its counterparts, Experian is accused of marketing credit scores to consumers that it
claimed were the same scores used by lenders even though they weren’t.
The alleged actions violated the
Dodd-Frank Wall Street Reform and Consumer Protection Act and the Fair Credit Reporting Act.
The order requires the Costa Mesa, California-based firm to pay a $3 million civil money penalty, truthfully represent the usefulness of credit scores it sells, and put in place an effective compliance management system.
