Federal regulators fined credit-reporting agency TransUnion a total of $23 million for tenant screening and security freeze failures on Thursday. The Consumer Financial Protection Bureau and the Federal Trade Commission fined Chicago-based TransUnion $15 million because the company did not take steps to ensure the rental background checks that landlords use to decide who gets housing were accurate.
“Americans across the country were put at risk of wrongful housing denials because TransUnion failed to follow the law,” said CFPB Director Rohit Chopra. “We are ordering TransUnion to cease its yearslong illegal activity, clean up its broken business practices, redress its victims, and pay penalties.” TransUnion is one of the three national credit reporting agencies along with Equifax and Experian.
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TransUnion Fined $23M for Rent Screening FailuresThe Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC) fined credit reporting agency TransUnion a total of $23 million over inaccurate rental background checks, the agencies said Thursday.
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