Bad Credit History Repaired

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credit reporting news

CFPB Catches Consumer Deception by Two Major Credit Reporting Agencies

Last month, the Consumer Financial Protection Bureau (CFPB) announced that two of the three major credit-reporting agencies (Equifax and Transunion) have been deceiving and taking advantage of Americans.


The Bureau ordered the agencies to pay more than $23 million in fines and consumer restitution.


The CFPB 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.


Thankfully, the good news here is that the CFPB did it’s job.  However, many consumers were violated by Transunion and Equifax, before this was caught.  (Between them, Transunion and Equifax are ordered to pay $17.6 million in restitution to consumers and $5.5 million in fines to the CFPB).


Read News Article, as reported by The Atlantic, on January 4, 2017.


This news should hopefully be a reminder: that credit reporting agencies are in the business of profiting by selling your credit scores, credit reports and other credit monitoring services, and are not in the business of protecting your rights – but as a consumer, you do have rights in regards to their activities.  So, it could be suggested that an attitude of diligence is probably the best course to take in order to protect yourself – one of the things we are always advocating here at National Credit Restoration Assistance.

The best ways to do that are these:

  • Stay educated about what your rights are. (see videos, this website)
  • Request your free credit reports annually to know what is in them.  (fill form “Free Credit Report” this website, for the best way to request reports)
  • Address any and every negative mark, or inaccuracy, expediently, as soon as you discover it.

When you are ready for personalized credit restoration assistance, please consider calling us for a free consultation. 

We are always here to help.    National Credit Restoration Assistance 727-798-3092


Credit to MyPalmBeachPost, FL, who also reported this news event.


 

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