Two Major Credit Ratings Agencies Have Been Lying to Consumers

["David Farber" <farber () gmail com>]

Begin forwarded message:

From: Lauren Weinstein <lauren () vortex com>
Subject: [ NNSquad ] Two Major Credit Ratings Agencies Have Been Lying to Consumers
Date: January 4, 2017 at 2:23:34 PM EST
To: nnsquad () nnsquad org


Two Major Credit Ratings Agencies Have Been Lying to Consumers

https://www.theatlantic.com/business/archive/2017/01/credit-scores-cfpb/512162/?utm_source=atlgp

        In their investigation, the Bureau found that the two agencies
        had been misrepresenting the scores provided to consumers,
        telling them that the score reports they received were the
        same reports that lenders and businesses received, when, in
        fact, they were not. The investigation also found problems
        with the way the agencies advertised their products, using
        promotions that suggested that their credit reports were
        either free or cost only $1. According to the CFPB the
        agencies did not properly disclose that after a trial of seven
        to 30 days, individuals would be enrolled in a full-price
        subscription, which could total $16 or more per month. The
        Bureau also found Equifax to be in violation of the Fair
        Credit Reporting Act, which states that the agencies must
        provide one free report every 12 months made available at a
        central site. Before viewing their free report, consumers were
        forced to view advertisements for Equifax, which is prohibited
        by law.

- - -

--Lauren--



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