Experian Fined $3 Million Over Deceptive Credit Scores

Credit reporting giant Experian has been fined $3 million by the Consumer Financial Protection Bureau over allegations it deceived consumers about the use of its credit scores by lenders.

The CFPB announced the penalty as part of a settlement with the California-based firm, which was also ordered to truthfully represent how its credit scores are used.

“Experian deceived consumers over how the credit scores it marketed and sold were used by lenders,” CFPB Director Richard Cordray said in a statement. “Consumers deserve and should expect honest and accurate information about their credit scores, which are central to their financial lives.” ...