In a dramatic twist of events, TransUnion, the Illinois-based credit reporting behemoth, has agreed to a monumental $23 million settlement to put to rest a litany of alleged failures in its tenant screening and credit reporting businesses. The resolution comes on the heels of extensive investigations that uncovered disturbing claims, including shoddily compiled eviction histories and the agonizing wait of months to place requested security freezes on credit reports.
TransUnion to Pay $23M : Tenancy Troubles
TransUnion’s woes began when the Federal Trade Commission (FTC) and the Consumer Financial Protection Bureau (CFPB) jointly filed a lawsuit in a Colorado federal court, targeting the company’s tenant screening practices. This legal duel has thrust the credit giant into the spotlight, facing allegations of negligence, incompetence, and putting potential tenants in harm’s way.
TransUnion’s Tenant Screening Tale
In a dazzling legal showdown, TransUnion, if the court approves, will be held accountable for its alleged misconduct. Trans Union LLC and its tenant screening subsidiary are set to shell out a staggering $4 million in fines to the CFPB and another $11 million for consumer redress. The FTC and CFPB have united against what they describe as “unlawful and reckless compliance violations.”
