LITTLE ROCK (AP) - Two of the most renowned credit bureaus in the country received heavy fines Tuesday and were ordered to reimburse their customers.
The two bureaus, TransUnion and Equifax, must pay a total fine of $5.5 million and must reimburse $17.6 million in refunds to customers.
According to the Consumer Financial Protection Bureau, the two companies falsely advertised credit scores for sale that were the same scores used by lenders when they were not.
According to the CFPB, the two companies lured customers into signing up for free or $1 credit scores. However, consumers soon realized they were enrolled in an auto-renewing subscription of $16 or more.
Both companies issued statements, declaring they believed they did not break any laws and have complied with government guidance.
Consumers should know that there is no free way to receive your FICO credit score.
However, consumers can receive one free credit report each year from each of the three bureaus at annualcreditreport.com.
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