CFPB say actions harmed renters and violated fair credit laws
Two federal agencies recently reached a $23 million settlement with TransUnion, one of the nation’s three major credit reporting agencies, and a subsidiary, TURRS. The Federal Trade Commission (FTC) and the Consumer Financial Protection Bureau (CFPB) announced the settlement last month.
The regulators said the firm’s use of inaccurate, outdated, and incomplete eviction records to screen prospective tenants harmed consumers looking for rental housing and violated the Fair Credit Reporting Act (FCRA).
The settlement, when approved by a federal court, will require the firm to repay $11 million to affected consumers, an additional $4 million civil penalty, and $8 million to CFPB for lying to consumers. TURRS failed to provide consumers with the names of third-party vendors from whom it received criminal and eviction records included in its tenant screening reports. Further, no effort was made to ensure the accuracy of…
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