Items Tagged with 'FTC'

ARTICLES

  • Equifax sets aside nearly $700 million for expected data breach payouts

    Books $690 million for settlements, fines
    It’s been nearly two years since Equifax first revealed that it had suffered a massive data breach that exposed the personal information of 148 million U.S. consumers to hackers, but the fallout from the breach is nowhere near over. In fact, Equifax just revealed how much it's expecting to pay out to deal with all of those issues – and it's a lot.
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  • Government watchdog calls for CFPB, FTC to have more authority over credit reporting agencies

    GAO wants regulators to have more power over Equifax, Experian, Transunion
    Equifax may be expecting sanctions from both the Consumer Financial Protection Bureau and the Federal Trade Commission over the credit reporting agency’s massive data breach that exposed the personal information of 148 million U.S. consumers to hackers, but one prominent government watchdog is calling for those agencies to have even more authority over Equifax and the like.
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  • SoFi ordered to stop lying about loan savings with misleading ads

    FTC prohibits SoFi from misrepresenting amount borrowers can save
    SoFi must stop misleading consumers about the amount of money they can save by refinancing their loan through SoFi, the Federal Trade Commission declared Monday. According to the FTC, since at least April 2016, SoFi “deceptively advertised inflated figures” about student loan refinances, basically claiming that it could save borrowers far more than is actually the case.
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  • Equifax expecting punishment from CFPB and FTC over massive data breach

    Reveals CFPB is planning to levy a fine
    Equifax is expecting various forms of punishment from the Consumer Financial Protection Bureau and the Federal Trade Commission over the credit reporting agency’s massive data breach that exposed the personal information of 148 million U.S. consumers to hackers, the company revealed recently.
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  • FTC warns lenders: Do not lie in loan refinancing ads

    SoFi might not be the only one
    In the wake of taking action against SoFi for allegedly lying in its ads about how much borrowers can save by refinancing their student loans with the online lender, the Federal Trade Commission is also warning other lenders to not engage in similar activity. To that end, the FTC is sending letters to an unknown number of lenders, warning them that they may be subject to a regulatory action should they be found to be engaging in false advertising.
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  • FTC accuses SoFi of lying about loan savings in misleading ads

    Online lender allegedly overinflated savings claims on student loan refinances
    For more than two years, SoFi has been making misleading claims in its television, print, and online advertisements and lying about the amount of savings its loan refinancing programs would bring to borrowers, the Federal Trade Commission said Monday. According to the FTC, SoFi “deceptively advertised inflated figures” about loan refinances, basically claiming that it could save borrowers far more than is actually the case.
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  • RealPage to pay $3 million to settle FTC allegations of faulty tenant screenings

    FTC claims RealPage screenings could have returned incorrect criminal records
    RealPage will pay $3 million in a settlement with the Federal Trade Commission, which accused the real estate tech and data company of providing landlords and property managers with faulty tenant screening results over a five-year period. According to the FTC, RealPage’s screening reports could have shown incorrect criminal records for a prospective tenant because of the company’s limited filtering system on its screenings.
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  • Rental scammer ordered to repay $5.2 million to deceived consumers

    Offered fake rentals and tricked people into signing up for credit monitoring
    The owner of a supposed credit monitoring service will repay $5.2 million to deceived consumers for using fake rental properties to trick those consumers into signing up for the credit services. The company's sites offered "free" credit information but auto-enrolled the renters into a credit monitoring service that charged $29.94 on a monthly basis.
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