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Experian fined $3 million for lying about how lenders use credit scores

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Mortgage Professional America | 24 Mar 2017, 08:15 AM Agree 0
The credit reporting agency sold scores it said were considered by lenders. Not so much, says the CFPB
  • someone in the biz | | 24 Mar 2017, 12:26 PM Agree 0
    Hopefully this will put a stop to providing false information to folks who rely on professionals for information in order to make important decisions. Generally buying a house is the largest investment a person will make in their lifetime. Experian is lucky it was only $3 million. I wonder how many people they led astray.
  • Compliance Guy | | 28 Mar 2017, 06:06 PM Agree 0
    Bigger Questions: Why the difference in the scores anyway? Why can't the consumer get the exact scores that lenders use? Credit Karma and many other credit score sellers are misleading consumers with scores that no lender ever sees. Why not allow the consumer to see score after it has been adjusted through lending algorithms? Would that cause less headache for consumers?
  • Kevin | | 19 Apr 2017, 04:34 PM Agree 0
    it's just greed. By creating a differentiation in the two scoring models ant allowing consumers access to the lending scores allows the credit bureaus to "double dip" I.E. sell reports to both lenders and consumer's separately. if their was one "universal" scoring model provided to everyone equally this would equate to less business for the bureaus. I hope these credit provider's get reigned in. They are becoming borderline scam operations.
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