Experian is being fined $3 million for deceiving consumers about the use of credit scores it sold to consumers, the Consumer Financial Protection Bureau Thursday.
Experian claimed its credit scores were used by lenders to make credit decisions, but lenders don’t use Experian’s scores in the process. The bureau ordered Experian to tell the truth about how its credit scores are used in addition to paying the fine.
“Experian deceived consumers over how the credit scores it marketed and sold were used by lenders,” said Richard Cordray, director of the bureau. “Consumers deserve and should expect honest and accurate information about their credit scores, which are central to their financial lives.”