Credit Agencies OK Settlement

The three national credit reporting agencies have agreed to pay $2.5 million in fines to the Federal Trade Commission to settle allegations that they blocked consumers from correcting errors on credit reports. The FTC alleged that Equifax Credit Information Services Inc., Trans Union LLC, and Experian Information Solutions Inc. violated the Fair Credit Reporting Act by failing to maintain toll-free telephone numbers with adequate personnel so that consumers could discuss credit report errors. "The reality is that consumers never got the access to the consumer reporting agencies that the law guarantees," said Jodie Bernstein, the FTC's director of consumer protection. Equifax agreed to pay $500,00 and Experian and Trans Union agreed to pay $1 million each.

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