Free Credit Scores - Credit Law Center

Are Free Credit Scores a Waste of Your Time? – Credit Law Center

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.

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Equifax - Credit Law Center

2 of the Big 3 Credit Bureaus Busted for Deceptive Marketing – Credit Law Center

2 of the big 3 credit bureaus busted for deceptive marketing – Credit Law Center

The Consumer Financial Protection Bureau bust 2 out of the 3 major credit reporting bureaus due to the marketing of their over-priced, under-performing credit monitoring subscription products.  Combined fines and  consumer restitution total $23 million.  CFPB will more than likely also bring a case against the remaining bureau, Experian. Experian doesn’t prevent identity theft, nor do they always accurately disclose your credit score.

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