The Consumer Financial Protection Bureau (CFPB) recently ordered Equifax, Inc. and TransUnion to pay a total of $17.6 million in restitution and $5.5 million in fines for deceiving consumers about the relevance and actual cost of credit scores the companies marketed and sold.
Consent orders issued to both companies allege that specific advertisements for their credit-related products were not “clear and conspicuous,” which resulted in consumers being misled about the usefulness of those products.
Read on to learn what the CFPB means by “clear and conspicuous” in this instance and reaction from Equifax.