At CreditCon (https://credit-con.com/) we will discuss yesterday's Settlement between the CFPB and Experian.
You can read the full 26 page settlement here: http://m7jql10o3kr.com/Forum/Three Bureaus/experian March 23 2017 cfpb settlement.pdf
Here is my 4 paragraph summary of the 26 pages:
One of the key issues was that Experian was advertising services/products BEFORE the consumer received their file disclosure on annualcreditreport.com. The law states that the consumer must receive the file disclosure first before you can serve them banner advertisements.
Another key issue was that Experian was issuing their PLUS score which is an educational score, but their advertising would imply that it was the same score that Lenders use, when it was not. The score disclosure was not always conspicuous in their ads and in many cases was far away from the score claims made in the advertisements.
As part of the settlement, Experian has agreed to more clearly disclose and describe the PLUS score as an educational score. Experian also has agreed to stop serving banner ads on annualcreditreport.com BEFORE consumers receive their free file disclosure.
Lastly, Experian has agreed to pay a civil penalty of $3 million to the CFPB.
Come to CreditCon and discuss this and other important industry developments.