Many people rely on credit scores to determine their financial health and
stability. Employers occasionally use it to determine the responsibility
level of the people they hire. For years, most consumers have relied on
a few main credit reporting agencies to determine their score, including
Equifax and Transunion. However, the Consumer Financial Protection Bureau
(CFPB) announced in January that Equifax and Transunion had been deceiving
and taking advantage of consumers.
During the investigation, the CFPB found the two agencies had been misrepresenting
the scores provided to consumers and telling them the score reports were
also the same ones lenders and businesses received; this was a blatant
lie. The investigation also uncovered problems with the way the agencies
advertised their products. For example, they used promotions that suggested
their credit reports were only $1 or completely free; however, after a
trial of seven to thirty days, individuals would be enrolled in a full-price
subscription. Some of these subscriptions charged at least $16 or more
Additionally, Equifax was found to be in violation of the Fair Credit Reporting
Act (FCRA), which states the agencies must provide a free report every
12 months made available at a central site. Many people were forced to
view advertisements for Equifax before seeing the report, which is illegal.
Both of these companies acted incredibly irresponsibly. Most of the country
depends on accurate credit ratings for accurate assessments, and some
argue the system further marginalizes those who are already struggling
financially. The companies have been ordered to pay more than $23 million
in fines and restitution.
If you’ve been affected by unfair credit reporting, or you’d
like to discuss filing for bankruptcy, talk to our
experienced and highly rated Chicago bankruptcy attorneys today. Sulaiman Law Group, LTD. provides debt-related services to countless
individuals to help them obtain financial relief. Our skilled attorneys
are aggressive and passionate when it comes to protecting the rights and
interests of the people we assist. Our proven strategies can also help
turn your negative situation around. We understand how stressful debt
can be for most people.
Contact us at (312) 313-1613 or fill out our online form to schedule a case consultation
today. Let us see how we can offer you an efficient resolution on your behalf.