CFPB fines Experian $3M, alleges consumer deception

Mortgage

WASHINGTON — The Consumer Financial Protection Bureau on Thursday fined consumer credit reporting agency Experian $3 million for allegedly deceiving consumers about credit scores and forcing them to view an advertisement to get a free credit report.

The CFPB said Experian, based in Costa Mesa, Calif., sold consumers an “educational” credit score and falsely claimed in advertisements that the score was used by lenders to make credit decisions. In fact, lenders do not use the credit scores that Experian sells to consumers.

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