Klobuchar has fought to make sure everyone has access to free and accurate credit scores and to protect consumers
Today, the Administration ordered credit-reporting agencies TransUnion and Equifax to pay fines and restitution for deceiving consumers on the usefulness of credit scores and the cost of obtaining them
WASHINGTON, DC – U.S. Senator Amy Klobuchar today released the following statement on the announcement that the Administration is taking action against credit-reporting agencies for deceiving consumers. Klobuchar has fought to make sure everyone has access to free and accurate credit scores and to protect consumers. Today, the Administration ordered the credit-reporting agencies TransUnion and Equifax to pay more than $23 million in fines and restitution for deceiving customers about the usefulness of credit scores and the cost of obtaining them.
"Accurate and trustworthy credit scores are essential for consumers when it comes to being approved for a mortgage or a car loan, and paying a fair interest rate,” Klobuchar said. “I’ve worked in a bipartisan manner to ensure Americans have the tools they need to correct errors and to secure access to free annual credit scores. I commend the Administration for taking this action to hold credit-reporting agencies accountable and to protect consumers.”
Klobuchar was an original cosponsor of the bipartisan Fair Access to Credit Scores Act of 2010 that would have required credit reporting agencies to provide a free annual credit score along with a consumer’s free annual credit report. Following a report by the Federal Trade Commission (FTC) that found that over 25% of consumers’ credit reports contain major errors, often leading to less favorable loan terms or denial of credit, Klobuchar wrote a letter in 2013 to the three major credit rating agencies urging them to take immediate steps to fix reporting errors and ensure accurate credit reports. In 2015, Klobuchar and Steve Daines (R-MT) introduced the bipartisan FIX Credit Reporting Errors Act to help consumers correct errors on their credit reports.