Experian Fined For Deceiving Customers

(RTTNews) - The Consumer Financial Protection Bureau on Thursday said it fined Experian, one of the largest credit bureaus in the U.S., $3 million for deceiving customers about the use of credit scores it sold to them.

"In its advertising, Experian falsely represented that the credit scores it marketed and provided to consumers were the same scores lenders use to make credit decisions. In fact, lenders did not use the scores Experian sold to consumers," the CFPB said in a statement.

Experian must pay a civil penalty of $3 million and also has to truthfully represent how its credit scores are used.

Costa Mesa, California-based Experian is one of the nation's three largest credit reporting agencies. Experian markets, advertises, sells, offers, and provides credit scores, credit reports, credit monitoring, and other related products to consumers and third parties.

CFPB has asked Experian to develop and implement a plan to make sure its advertising practices relating to credit scores and on Internet webpages that consumers access through AnnualCreditReport.com comply with federal consumer laws and the terms.