The Consumer Financial Protection Bureau ("CFPB") fined Equifax and TransUnion for deceiving consumers
- about the usefulness and actual cost of credit scores they sold to consumers
- The CFPB ordered TransUnion and Equifax to truthfully represent the value of the credit scores they provide
- and the cost of obtaining those credit scores & other services
- TransUnion and Equifax must pay a total of more than $17.6 million in restitution to consumers,
- and fines totaling $5.5 million to the CFPB.
Are you surprised?
- After all, you have heard "life is not about your credit score,"
- many of you have been brain washed by the banks, credit card industry and credit reporting industry
- that are spending billions to make you believe that there is nothing more sacred that your credit score
- The reason is obvious - if you think about it -
- if the financial industry convinces you that protecting your credit score is more important
- than making sure you have money to buy food and pay for housing when you retire
- who will gain and who will lose?
- It's obvious - the banks will gain