Experian Misleading Credit Scores

Credit scores are essential in today’s marketplace.  Lenders rely on them when determining whether to extend credit, and at what interest rate, to consumers wishing to purchase homes, cars, and everything in between. Given the importance of credit scores, Experian offers credit monitoring services and access to your credit score as a way of keeping consumers informed of their creditworthiness.

From 2012 to 2014, Experian advertised their credit score as being the same score lenders used for credit decisions. Consumers who used this service reasonably expected it to reflect the true credit score that is used by lenders and commercial users. However, the Consumer Financial Protection Bureau (CFPB) recently found that Experian Consumer Services made false or misleading statements about the credit scores it marketed to consumers as being the same score that lenders used when making credit decisions. In reality, the credit scores Experian provided were not the same score that lenders used when assessing a consumer’s creditworthiness.

If you received a credit score from Experian between 2012-2014, you might have been unfairly charged for these important purchases. Fill out our free case review form or give us a call at 1.800.887.8029 to see if you have a claim.

Experian Rating System

According to the CFPB, Experian Consumer Services deceptively marketed its credit scores to consumers using a system called “Plus Score.”  This is not a traditional rating system used by lenders or commercial users in assessing a consumer’s credit score.  Consequentially, substantial differences between the credit score Experian provided and the credit scores that lenders used were found, which misled countless consumers into believing that their credit scores were something different than they actually were.

How We Can Help

If you used Experian services from 2012-2014 and received an incorrect credit score, we want to hear from you. You may have a claim and we can help you understand your legal options. Call us at 1.800.887.8029 or fill out our free case evaluation. Zimmerman Reed is experienced in handling consumer claims and we welcome your questions.