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1/04/2017

TransUnion Equifax OWE YOU Money

Santa Slaps the CREDIT COPS


A day after CFBP announced that TransUnion would have to pay  seventeen million dollars in fines for deceptive advertising, the CFPB announces: now Equifax, another credit reporting agency is also being crushed in the wallet. Richard Cordray is surely paying his own salary here. Not that anyone feels sorry for the credit cops who preyed upon American Consumers touting their services of credit reporting are accurate, fair and useful. Credit cops TransUnion Equifax and others charge huge fees to mortgage lenders and consumers for their mathematical models which are flawed.

It's easy for business to hate The Consumer Financial Protection Bureau (CFPB). It will be near to impossible for Trump to dismantle the strong arm, as they are funded by fining. CFBP is perhaps one of the most profitable entities in Washington D.C. EASIER NOW for consumers to realize the Credit Cops lied, and cheated consumers
TransUnion Equifax and (Experian not yet named) and their subsidiaries and affiliated- those pesky credit karma, free credit report crap that get your credit card and bill consumers until the cows come home. deceiving consumers about the usefulness and actual cost of credit scores they sold to consumers. Credit cops lure consumers into costly recurring payments for credit-related products with lies, misrepresentation and fear. CFPB orders TransUnion and Equifax now advertise the true value of the credit scores they provide and the cost of obtaining those credit scores and other services. Line up for your eleven dollar check from TransUnion and Equifax. Credit cops must pay $17.6 million in restitution to consumers, and fines totaling $5.5 million to the CFPB.
“TransUnion and Equifax deceived consumers about the usefulness of the credit scores they marketed, and lured consumers into expensive recurring payments with false promises,” said CFPB Director Richard Cordray. “Credit scores are central to a consumer’s financial life and people deserve honest and accurate information about them.”
Chicago-based TransUnion and Atlanta-based Equifax  collect credit information, including a borrower's payment history, debts, maximum credit limits, creditors, and other elements of their credit relationships. Information is gathered but often incorrect, erroneous and mistaken. Bits of historical payment records are conglomerated into a giant rubber band ball of numbers. A consumer who tries to correct mis-information about a similar name (those who happen to be a Junior with same name as father) or those who have wrong information find it near to impossible to get right. Credit reports and scores tare provided to subsidiaries for employment checks, loans, and all kinds of "snoopdom". Through subsidiaries, TransUnion Interactive and Equifax Consumer Services, Credit cops advertise and sell credit products to consumers, such as credit scores, credit reports, and credit monitoring. 
TransUnion sells to consumers via VantageScore Solutions, LLC. The big lie is VantageScores are not used for credit decisions by mortgage lenders, car loans and credit card loans. Equifax sold scoring to consumers from Equifax’s own machine: Equifax Credit Score, which is an “educational” useless credit score that also is not used by anyone to make credit decisions.
Furthermore TransUnion and Equifax sold consumers monthly services to check your score or check your credit which are worthless numbers. Both lied to the public. These are violations of Dodd Frank and Consumer Financial Protection Acts. Both TransUnion and Equifax failed to get consumer written authorization to pull these reports millions of times
  •  EVER TRIED TO CANCEL THESE SERVICES? BOTH TransUnion and Equifax hide from consumers to avoid cancellation of monthly charges. They must stop billing recurring charges. They must now advertise and list their phone number, answer the phone and have online cancellation forms, mail to, fax to and submit on line available to cancel services. These credit cops are worse than Match.com and Eharmony for not allowing consumers to cancel and USING their own information to sell as product. It's a wonderful digital world.
TransUnion and Equifax owe you money TransUnion's phone call free and ask for your $100.00 1 (855) 681-3196

 text of the CFPB’s Order against TransUnion is here:http://files.consumerfinance.gov/f/documents/201701_cfpb_Transunion-consent-order.pdf 

Contact:  C G  Barbeau (949) 784-9699

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