Experian Deceived Consumers, Fined $3 Million
Today, the Consumer Financial Protection Bureau fined Experian $3 million for deceiving consumers in marketing it own credit scores. Experian is one of the credit reporting agencies that created its own credit scoring, sometimes known as fako scores. They are fake because lenders do not use them in deciding whether to give consumers credit. Creditors generally rely on FICO scores, not the agencies' own scores. The CFPB said that from 2012 through 2014 Experian falsely claimed the credit scores it sold to consumers were used by lenders. The CFPB ordered Experian to truthfully represent how its credit scores are used...
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