Credit Reporting Agencies Ordered to Refund Customers $23 Million in Fines

Equifax fine

If you want to buy a house, get a new a car or even land a new job - odds are your credit comes into play.

If you log onto AnnualCreditReport.com you can request a free copy of your credit report once a year from the big from each of the major credit reporting agencies: Equifax, Experian, and TransUnion. 

But if you want credit fraud protection - or want to check your credit report a couple times a year 
you can sign up for a package directly through one of the credit reporting agencies.
 
The problem is you may be paying a monthly fee for something that is charging you for something that is does not deliver.
 
Now, TransUnion and Equifax are being ordered to pay customers $23 million dollars in refunds because the credit scores and services that marketed and advertised to customers proved to not be as useful as advertised. 
 
Specifically, Equifax owes customers $3.8 million in refunds, whereas TransUnion must pay back $13.9 million. for misleading consumers. They also both have to pay a total of $5.5 million in civil penalties. 
 
Some credit monitoring services from Transunion or Equifax are advertised as "free" or as low at one-dollar a month, but these turned into automatic enrollment into a subscription plan. 

 

Copyright 2016 WFMY


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