Want Credit Monitoring from TransUnion? Think Again
Credit reporting agency in court for repeatedly using deceptive practices
TransUnion — the credit reporting agency — is facing some trouble because the Consumer Financial Protection Bureau (CFPB) says the company not only used deceptive practices to lure in customers to some of its credit monitoring products, but also because the company continued to engage in such practices even after a 2017 consent order.
American Banker notes:
But the Chicago-based credit reporting agency is fighting back in court after the CFPB sued the company and a former executive in April for allegedly violating a previous 2017 order.
The lawsuit is being closely watched because TransUnion already paid a $3 million fine and $13.9 million in restitution to consumers to resolve the 2017 order — only to be sued for the same violations five years later.
Here’s the deal, though: They didn’t stop deceiving customers. TransUnion’s argument seems to be that they already paid a…
