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Financial Services Law Insights and Observations

CFPB Settles with Two Credit Reporting Companies Regarding Marketing Practices

Federal Issues Consumer Finance CFPB Credit Scores

Federal Issues

On January 3, the CFPB entered into separate consent orders (2017-CFPB-0001, 2017-CFPB-0002) with two credit reporting companies and their subsidiaries regarding the companies’ representations concerning credit scores sold to consumers, as well as the companies’ credit-related product sales practices.  Under the terms of its consent order, one of the companies must pay a $2.5 million civil penalty in addition to almost $3.8 million in restitution to affected consumers. The consent order for the other company includes a $3 million civil penalty and payment of more than $13.9 million in restitution to affected consumers.