CFPB fines Transunion, Equifax $23.1M

(RECAP: Consumer credit reporting agencies Transunion and Equifax will settle with the CFPB for a total of $23.1 million for allegedly deceiving consumers about the value of their credit scores. The CFPB also alleges that Transunion and Equifax deceived consumers into enrolling in subscription programs with false advertising about the cost of the programs. The agencies are also being ordered to truthfully represent their credit scores, obtain consumers’ informed consent for program enrollment and allow consumers to cancel products and services easily. The CFPB says its enforcement actions were taken under the Dodd-Frank Act’s prohibition of unfair, deceptive or abusive acts or practices.)