Are free credit scores a waste of your time?
Last week, 2 of the big 3 credit bureaus were ordered to pay $23 million for deceiving customers. The CFPB accused the credit bureaus of misleading marketing of false information of credit scores and products being sold to the public. According to the regulator, “TransUnion and Equifax falsely represented that the credit scores they marketed and provided to consumers were the same scores lenders typically use to make credit decisions. When in reality the lenders do not use the credit scores provided at all. So you can imagine the frustration of going to get a loan, when your score is different from the one the lender is using.